Good morning, everyone, and thank you for joining us. I'm joined by Shaun Wills, our CFO, to take you through our full year results for the Fiscal Year 2023. In a moment, I will hand over to Shaun, who will talk you through the numbers and the outlook. I will then give you an overview of the strategic progress we've made this year before we end with a Q&A. But first, the highlights for the Financial Year, This has been a tough year for Superdry, our consumers, and our shareholders. The retail environment has been exceptionally challenging, with a cost of living crisis impacting our loyal Superdry customers, while our liquidity challenges, brought on by the decline of our wholesale segment, have impacted our operations. Despite this, we continue to make progress on the revitalizing the brand and our recovery. We have delivered increasing total sales growth, growth for the group, with retail being especially robust as people return to the high street. Wholesale, however, has continued to lag the group. We changed our l eadership, reset our segment strategy, and are working closely with our partners to support their recovery. More on this later. The net result is an adjusted loss of GBP 21.7 million for the period, and Shaun will go through the details shortly. After two years without, we had our first in-person global sales meeting with our wholesale buying partners. The collection was very well received, and we are very happy with the feedback. To restore our balance sheet, in May, we completed an equity raise and asset sale of the brand rights in Asia, adding around GBP 45 million net of transaction costs and taxes to the business. Now, looking at the current trading, we have not started the year as strong as we would have liked, with group revenue down to 18%. This is due to a retail decline of around 7%, while wholesale is down approximately 50%. Neither of these as we would like, but while we note that the weather has had an impact on our retail performance, our wholesale number has been impacted by shipment timing and the decision to exit our wholesale U.S. operations, which means the underlying performance is actually closer to 30% down. Shaun and I will discuss this in more details in the slides ahead. Thank you, Julian, and good morning, everyone. Before we get into the numbers, I'd just like to echo Julian's comments around what a challenging environment we've faced over the last 12 months. And while we've made several important financial, operational, and strategic steps as we continue our turnaround program, we also face significant liquidity pressures that required a targeted effort to recapitalize the group's balance sheet. I'd just also like to give a quick note on the prior year. We have had to restate due to some misstatements impacting other debtors, PP&E, and intangibles. The full details of the balance sheet and income statement impact of these prior year adjustments are detailed in Note 37 of the annual report. I'll begin by looking at the financials from this year before looking at our activities to improve liquidity in a bit more detail, as well as covering current trading and outlook for the remainder of this financial year. Starting with our revenues and our margins, we saw a significant improvement in store revenue this year, up 14.7%, which really highlights the strong return of physical retail that we've experienced over the last 12 months, and a year where we had a full year of open stores with no COVID disruption or closures. Our e-commerce operation also saw considerable improvement on the prior year, and that was up 14.3%, with particularly strong performance in mainland Europe, where sales were up by approximately 28% in the year. As we've talked about before, it's largely our wholesale performance that lags the rest of the group, where our partners have continued to suffer from the buildup of inventory from COVID and a slower uptaking confidence in the aftermath of that pandemic period. Consequently, the whole European market remains challenging, and these issues led to a disappointing decrease in wholesale revenue of 19.1% year-on-year. Nevertheless, it's important to reiterate that we remain fully committed to our reset strategy in wholesale, where this year we've taken several steps to reorganize and reshape the division, and there are a number of self-help strategies that will mitigate the issues in time. This is something Julian will cover in a lot more detail later in the presentation. Looking by territory, we saw a shift in mix back towards the U.K. and Republic of Ireland at the expense of Europe, but that is very largely driven by a channel-related performance, with store performances outweighing wholesale, and store performances being U.K.-focused and wholesale being much more about Europe. Moving on to our margins. The gross margin was down 3.2 percentage points on the year to 52.8%. Now, while this may appear concerning at first glance, it was principally driven by known events. Our ongoing stock clearance exercise, which took place across each of our trading channels, the increase in the mix of third-party online sales that have migrated to our partner programs and which typically attract a lower margin because of commission rates, and prices being held in our wholesale division for an extra season before we started to uplift them as a result of wider inflationary pressures. The result of all of this was a level of gross profit down 3.8% to approximately GBP 328 million. Moving now to the adjusted loss before tax. As you can see from the slide, the decline is predominantly driven by the movement in the margin that I just mentioned, as well as store and distribution costs. Store costs increased noticeably in the year because we saw a return to normal rent and business rates as reliefs available in the pandemic came to an end, and on top of that, we had inflationary pressures on wages, both in the U.K. and across Europe, and also energy inflation has had an impact. The result of all of these movements is an adjusted loss before tax of GBP 21.7 million, which is down from a profit of GBP 21.6 million in the prior year. I'd now like to turn to our primarily non-cash accounting adjustments, which is a combination of adjusting items, impairments, and deferred taxation adjustments, which are significant this year and have resulted in a statutory loss after tax of GBP 148.1 million. So as I just said, it's important to note that these items are non-cash, and while they are significant in the context of this year's statutory numbers, they do not represent a concern for the group's liquidity position. Given the volatility we've seen within trading, which is partly a result of the unseasonal weather, partly down to our wholesale challenges and compounded by the ongoing cost of living crisis, we are taking additional charges through impairment and onerous lease provisions against our store estate. Now, we're taking a GBP 41 million net impairment charge and a further GBP 2.3 million charge in respect of the onerous lease provision, and together, that means we're taking an exceptional item charge of GBP 43.3 million, and that's recognized within the year. Further to this previously, we did identify deferred tax assets on the balance sheet, which relate to losses arising through the pandemic. Given the new guidance on the application of IAS 12, we've revisited those assumptions around deferred tax and have decided to write those balances down to nil. The result of that is a predominantly non-cash tax charge of GBP 69.6 million being recognized within the year, of which 66.3 is that deferred tax asset charge, the remainder being in-year tax charges. Moving on to look at our net debt. During the year, net debt increased to GBP 25.6 million from GBP 1 million in the prior year. Our focus on working capital helped deliver GBP 42 million of improvement. We also delivered GBP 7 million of cash through normal operations. But offsetting that, we invested GBP 14.6 million in our CapEx program during the year, down on last year, but still significant, and obviously, we had the lease liability payments of GBP 56.3 million. On top of that, we now have a more expensive financing facility, and with the fees and arrangement costs of that, that cost us GBP 8.4 million. What's not visible on this graph is the cash that we've raised from the equity raise and the sale of the brand IP in the Asia-Pacific region. Both of these events having occurred in the following financial year and therefore will be evident in our half-year results. I'm now going to speak a little bit more about the steps we've taken in the year to recapitalize the business and alleviate some of the liquidity pressures we've faced. First, we've unlocked additional capital through two new facilities agreed during the year, one with Bantry Bay and one with Hilco Capital. As we mentioned at the half year results, the facility with Bantry Bay is at, for up to GBP 80 million, which includes a GBP 30 million term loan, and that agreement is in place for three years with an option to extend for one further year. Now, this initial facility was subject to restrictions, and so post the financial year end, and as we announced earlier in the month, we agreed a further facility with Hilco Capital for GBP 25 million to offset those restrictions and increase availability to the group back to the full initial amount of GBP 80 million. This new facility is for 12 months, but also with the option to extend, and both of these are really important in helping us navigate the headroom cap on the Bantry Bay agreement. They're also critical for enabling us, as a management team, to have the flexibility to navigate the current challenging trading environment and to continue to focus on achieving our cost reduction program. Now, in addition to those new financing arrangements, we completed a Class One disposal in the year in respect of our IP assets in some territories of the Asia Pacific region. This delivered total net proceeds after tax of around GBP 34 million, which were received following shareholder approval back in May, and we are actively exploring other opportunities of this kind elsewhere around the world. Finally, in May of this year, we also completed a 19.1% equity raise, which was fully supported by Julian and raised proceeds of just over GBP 11 million after fees. All these things brought together leaves the business in a much stronger position with liquidity, and with the other actions and the cost-saving program we have in place, leaves us capable of continuing our turnaround program as we move into FY 2024 and beyond. Right, now, looking specifically at the balance sheet. During the period, our net working capital has reduced. We continue to target the clearance of older stock, as well as delivering more efficient working capital through a reduction in options in currencies and lines. Those two things have brought the value of inventory down by over 15% in the year to GBP 112.5 million, which we see as a significant achievement after the reductions delivered in prior years. Trade receivables decreased 27% in line with the reduction in wholesale revenue, while payables have also reduced by only 6.5% to just under GBP 121 million. Overall, our balance sheet at the end of the year now shows a net liability of approximately GBP 53 million against a net asset position of GBP 100.2 million at the end of last year, and this is largely driven by the impairments that I've discussed already. I'd just like to expand a little further on the stock position. FY 2023 marked our largest ever year-on-year reduction in old stock, with total inventory reducing by 2.8 million units within the year. To put that in context, since the end of the 2019 Fiscal Year, we've now seen total inventory held by the business reduced by around 9 million units. This has been a critical area of focus for the group since Julian and I both returned, and as at the end of FY 2023, those inventory units now stand at approximately 9.9 million. Now, it goes without saying that our efforts in this area remain ongoing as we continue to bring down the level of inventory to an optimal level, although we don't expect to see such significant decreases in the future. In closing, I'd like to turn to our current trading and outlook. Over the 13-week period from the 13th of April, store revenues declined by 4% when compared to the same period last year. Now, that was largely on account of the unseasonable weather and also down to a later start to our end of season sale. Our e-commerce sales declined by 13%, also affected by the later start to that summer sale, as well as more of a profit focus, where we've reduced our spend on digital marketing, compromising some top-line turnover to ensure that our contributions are maximized. In total, those two together mean that our retail segment was down by 7%... Turning to wholesale, Julian will cover the efforts being made within this segment in a bit more detail later on in the presentation. However, I'd like to spend a few minutes just explaining our current performance and the 50% decline. As I said, wholesale dispatches are down about 50% during the period, which is partly a result of year-on-year timing differences. Adjusting for these, the underlying performance is close to the 30% down, which is more in line with expectations, and also reflects some of the strategic changes we've made, including the decision to exit our U.S. wholesale operation. Our wholesale production and distribution has exceptionally long lead times, and it will take some time for the impact of the new leadership in this area and the reversion to the agency model that we've implemented in some of our major European markets to be seen in the sales performance. Adding all of that up, group revenue was down by 18% in the Q1, but in terms of overall performance, we're broadly in line with our expectations as full price trading and the cost efficiency program are driving bottom line margin improvements. Finally, just touching on our outlook for this year, the consumer market continues to present a challenging environment for Superdry, and given the difficulties in predicting consumer behavior and spending, it's our intention, as we go into FY 2024, to focus on things we can control, such as costs and margin. The GBP 35 million cost-saving program announced previously and introduced this year is making good progress and should be fully realized in FY 2024. We're not banking on significant revenue growth this year, but we will continue to prioritize costs and margin and drive efficiencies to improve the bottom line performance of the business. Now I'd like to hand back to Julian to take you through the strategy and look at that wholesale reset program in a little bit more detail. Thank you. Thank you, Shaun. As I said earlier on the call, this has been a challenging year, full of change for Superdry, but our mission to be the number one premium, sustainable style destination and the four pillars that support our strategy remain steadfast. We continue to drive the brand forward with actions across all four pillars, but notably this year and the year ahead, we are very focused on the operational changes and improvements to the Make It Happen pillar. Let me now talk you through some of the highlights across the group. First, let's talk about our product, where I'd like to not only speak of some of the success stories from last year, but also talk about some of the strategic changes we are making. FY 2023 included our autumn/winter 2022 and spring/summer 2023 collections, and both ranges were well received. We launched our Afghan jackets last autumn, and these sold out within weeks of launch, and they now form a key part of our collection and are an item that we intend to develop and grow for the future. As we look towards having a stronger womenswear mix, it's important that we create clothing that resonates with the younger female consumer. This year, another of our highlights were our party dresses and teenage products for girls, which also excelled. We've also seen some changing trends this year. Our wide leg and parachute pant products have been another runaway success as they sold out in just four weeks. Nevertheless, we cannot rely on new trends as it's just as important that we continue to support our core product lines as well. Menswear jackets, which are a staple of the Superdry range, continue to perform well as we delivered our best ever sales for winter coats in autumn/winter 2023. Touching now on some of the more strategic changes to our product, we are reintroducing a strong brand integrity throughout the entire range, and this means the core principles of fabric, block, and branding run through all our products, creating a more cohesive, considered, and premium collection. We're also continuing in our efforts to eradicate internal competition within our ranges. Not only does this help with sales and reducing inventory levels, but it also allows us to place a greater focus on those products that are selling well. Areas that have seen success from a more focused approach have been ranges such as menswear jackets and shirts, teenage products for girls, and year-on-year, this laser-like approach is being implemented across the remainder of the range. The Superdry brand continues to evolve, and in the next 12 months, I will be personally driving forward our product program to ensure our progress continues at pace. Let's now look at social. We shared some great highlights at the interim results back in February, and today is more of the same. TikTok is our fastest growing channel, with over 650,000 followers and 6 million likes across our videos. It's a great platform where we share user-generated content that has a more organic feel. These are Get Ready With Me videos, where influencers share their style, choices, inspirations, and tips with their followers, and we work with influencers to share products from different ranges and areas, with a recent campaign kicking off to drive awareness of our 90s T-shirt collection, targeting a female audience. We've had 98 viral videos, over 500,000 views each on the platform, even a few exceeding 4 million views, which is an excellent result. We've also been trialing in-app shopping campaigns, which feature product links and that when clicked, pull the consumer to our site for a quick and easy purchase. Sustainability is at the heart of Superdry, and we're sharing this slide again, having highlighted this at the interim results, as it remains a key point of difference that we want to keep coming back to. In a world of fast fashion and questionable business practices, we believe in doing the right thing, and we know our consumers do, too. Receiving the CDP A rating, one of only two British fashion brands to receive it, we think is a strong recognition of our efforts to source and operate sustainably. In particular, in FY 23, sourcing from sustainable suppliers is an area we've been making lots of progress. It's now at 62%, and this is well ahead of our target, which we are having to set higher as a result. Now to Make It Happen. As I said, we've done a lot here. Firstly, we've taken steps to restore our balance sheet, which has been impacted by the underperformance of wholesale.... We have agreed a new asset-backed lending facility with Bantry Bay in December, with additional capital unlocked via a secondary loan with Hilco, announced in August. Furthermore, in May, we reached an agreement with Cowell Fashion Company to sell the Superdry IP in the Asia-Pacific region and also completed a 20% equity fundraise. Net of fees and taxes, the APAC deal and the equity issue delivered an additional GBP 45 million of capital, providing us with the additional liquidity needed within the business. Recognizing that our cost base is no longer aligned to our revenues, we kicked off a cost savings program with an initial GBP 35 million identified and externally verified, and this should be fully realized in FY 2024. This is not a one-and-done type approach either. We are working on finding more savings to deliver further improvements next year. Given the high cost of capital, there's been a renewed focus on clearing the excess stock we've been carrying on the balance sheet. As Shaun mentioned earlier, we are now below 10 million units, down 2.8 million units alone in FY23, as we targeted clearing older stock while also simplifying the range and halving the option count to just over 2,000. Finally, I want to highlight the hires we've made in the year. Denise Posner, as our new Marketing Director, Tom Hutt has become our Leading Marketing Creative, as well as the promotion of Craig McGregor to Global Commercial Director. We're building a strong team to help us move the group back to real growth and a bigger future for the brand. Now, despite our hard work, our performance in wholesale is not acceptable. Wholesale has historically been a major source of growth and profit for Superdry. We built the brand outside the U.K. using the agency model, partnering with leading entrepreneurs to push the brand in their respective territories and by leaning on their local knowledge and connections. Previously, we repurchased our wholesale territories to reset the model and gain control of the online domains across the continent, and our D2C model is now established. We recognize that the best way forward and to get our wholesale operations back to growth in Europe is to return to the agency model. This has now taken place in Belgium, the Netherlands, Luxembourg, Denmark, the Nordics, and with Germany, Austria, Switzerland to launch imminently. We're really enthusiastic about this way of working. It is also important that we highlight the long lead times in wholesale and why changes don't have an impact overnight. It's a supertanker that takes two years to turn. The performance we are reporting now, both FY 2023 and the Q1 trading, is based on past collections and sales decisions. The changes we've been making on product, which I discussed earlier, and the leadership changes, combined with the return to the agency model, are not evident in the current performance of the segment. And let me share some of the details behind these headline changes. On short order product, with the shorter lead times, we've now made this available to our wholesale partners for the first time. Our refocus on fabric, block, and branding is just beginning to flow through to our partners, first with team product, jackets, and men's shirts, but more to come as we refocus on the entire range. We are collaborating with our partners, understanding that needs vary across Europe, and I'm personally speaking with each to understand what's needed in their market and deliver products that will sell in their respective territories. This year, we held our first in-person sales event since pre-COVID. Our global sales event to show the Spring/Summer 2024 collection was really well attended with excellent feedback. I spoke earlier about our change in leadership, and this has been a key change, and today we see the decisions made in the past were not the right ones, and as a new, closely aligned team, we are renewing the wholesale segment and correcting its course. To conclude, we're making changes to our wholesale segment, which we believe in time, will mark a return to growth together with our partners. That concludes the formal presentation, and I'd like to open up for questions. If you wish to ask a question, please press star followed by one on your telephone keypad. If you change your mind and wish to remove yourself, please press star followed by two. When preparing to ask your questions, please ensure that your phone is unmuted locally. To confirm, that's star followed by one to ask a question. There are no questions on the phone. We have one question online, which we can go to now. So it's from John Stevenson at Peel Hunt. So he asks, "Can you talk about how you see international routes to market evolving, in terms of wholesale platform partners and the return of the agency model?" And then secondly, asks on the thoughts of a future IP sale also. So, you know, wholesale is fundamentally shifting and will shift to a more consignment-led model, which basically is emulating the partner program models that we have online, with physical spaces, so where we own the stock and we replenish the stock from our general stock pool. And I think the reality is because of COVID, we you know, I've talked about this before, but we've been slow to implement this, and this is a key part of our strategy going forward to really have a much more collaborative approach with stock. I think the old-fashioned model of ordering eight months in advance and then just washing our hands of the product, those days have gone. So it's really for us to embrace the new models of working. ... In terms of platforms, I mean, obviously that has already happened with e-com platforms. So the Zalando's, we've been working with the partner program for quite some time, and that will continue. So we will add new wholesale customers, if you like, but through a partner program online. So that's a key, key part of our strategy, because it's been incredibly successful. And then in terms of agency, you know, moving away from a team that we're trying to run from Cheltenham in Berlin, for instance, you know, is tough. So moving back to an agency model, unleashing the entrepreneurs back into selling the product and really understanding their own territories, that's how we built the brand in the past. And we're really confident in that model going forward. In terms of IP sales, obviously, we've shown the value of the brand with the deal that we did in China. We will continue to look at opportunities in non-core territories, because, you know, it is a great way of focusing the company. We will look at probably IP partnerships going forward. But yeah, this is gonna be an important part of our strategy going forward, changing the models where we have third-party partners, which will both release capital, but also accelerate expansion plans in various territories where other people are in control. Operator, have we got any questions on the line? First question from the phone is from Kate Calvert from Investec. Please go ahead. Morning, everyone. Two from me. Morning. First, just touching on the agency model again. Yeah. Could you give an indication of how much of your wholesale business do you think will be done by the agency model, both in the current year and next year? And also, can you just run us through a little bit more in terms of the economics of the model, and how it varies versus the wholesale model you've been going with? And the second area of questioning is, you've obviously done quite a massive reduction in terms of number of units. What do you think is the optimal level of inventory? And can you talk a little bit about the quality of the stock now? What are your thoughts on that? Thanks so much. Yeah. So look, I can't give you the exact percentage, but I'm sure Shaun will be able to of how much it's gonna go through agency model. But I mean, essentially, by next season, Europe will be agency model. So you know, we've done Scandinavia, France is already, and France, you'll notice, has been one of the most stable markets in the last results. So moving Germany, which should be imminent, Scandinavia, like I said, has moved. So Europe essentially is moving back to the agency model. And in terms of what that means to us, it means, you know, our fixed costs are gone, it becomes a variable cost, and people are incentivized to sell product. So you know, and to grow markets. So their percentage on new customers is different to their percentage on existing customers, for instance. So they are completely incentivized to develop the brands in their territories. And like I say, this is how we grew so quickly in the first place. So I'm really excited. These are very strong entrepreneurial human beings and companies. So you know, very positive about the model change. In terms of the quality of the stock, so obviously when we came back in, I mean, when I came back in, you know, I inherited 19 million units, half of which were not moving. They were stuck in warehouses around the world. We have got that to, I think it's where are we now? We're sub 10. Sub ten. Sub 10. And I think probably if we stay between 8 and 9, is where we're gonna land. So we've done a lot of the hard lifting or almost all the hard lifting now. So if you imagine that we've been essentially hurting our full price sales in the last few years, because we've had to come out of this product, that therefore changes fundamentally going forward, where we, you know, we are fully focused on full price sales. So you should see, definitely over the next 24 months, a total migration of group margin improvement. And the quality of the stock, obviously, as it becomes more in season, and you know, in year, will get better and better and better. Let us come back with a couple of follow-ups. So in terms of stock, do you think, have you still got, I mean, how much of a proportion of aged stock do you think you still have to clear out? So we are clearer than we've been for a long time, so not that much is the answer to that. The only... We've got one other thing, which is the autumn/winter 2020 range, where there's a fair chunk of stock from the COVID period that will need to be done. So there will be some more clearance this year, to eliminate that, and then- ... Actually, we're in a very healthy position after that. There isn't a lot of really old stock left in the business at all. Is that stock likely to go through third party people? Yeah, so we always have used, and for the last four years, we've used third parties to get through that product. Okay. So there's, it's a diminishing, it's a diminished number and a diminishing revenue stream, but that, that, that therefore means that we'll be focused on full price sales. So- As it becomes more controllable, which it is becoming quite quickly, we'll rely more on our outlets and on the eBay channel, which is much more profitable than going through the third parties. But the third parties will still be there to do sort of the odd mop up every now and again. Okay, that's fine. And can I just come back in terms of the agency model? Just could you talk a little bit about how you think it might impact the gross margin and operating margin of wholesale going forward? It- How should we think about that? It's not gonna affect gross margin. No. But net, net, it won't, so we'll get a slight impact on the commissions to them, which is offset by some cost-based stuff. Yeah. Okay. But I think you won't really see it in wholesale this year because the delayed price increases we put through, you'll see some very substantial growth in the wholesale margin this year. Okay, perfect. Thank you so much. Got any more questions on the line, operator? I'm sorry. The next question from the phone is from Matthew McEachran from Singer Capital Markets. Please go ahead. Yeah, thanks very much. Hi, guys. Let's go also into the agency model again. Sorry. There's obviously lots of questions on that. I mean, if you look at some of the markets that you've already made the change, I mean, you mentioned France. Would you expect the time it takes for some of these sort of entrepreneurial agents, as you put them, to take time to build out the traction in the markets? And also, depending on timing, I mean, is it too late for the markets that you've already made the change to be able to tap into some of the short lead time product for the autumn-winter season? If you could maybe just talk a little bit how, when you make a change, how it influences traction in the market, and through the seasons, that would be helpful. So France, France has always been agency. That's number one, and that's why it's been one of the most stable markets in Europe. So it's where we moved away from the agency that those areas went into gentle decline. So it's been much more stable where we have maintained an agency model. That's number one. And number two, what is going to happen is a much more collaborative approach with the agency owners, because we have a single point of contact and we are moving into a... We're adapting the ranges for their needs and their markets. So we're having a much more sort of collaborative approach with them. So rather than just having a very static range that everyone just goes out and sells, if Italy need a particular lighter weight product, we will deliver that lighter weight product. So it becomes a much more collaborative way of working. And just in terms of the timing, so the lag, I mean, it feels instinctively like there will be quite a lag before they make inroads in their local territories when you make the change to, you know, to agency owners. Yeah. That is fair. That is fair. We—I mean, it's impossible to say how quickly we're gonna feel the results. Yeah. I mean, we've literally just changed the territories. This is the first sell-in that they've done. So it's gonna take a while for them to establish new relationships with new store groups over in their territories, for sure. Yeah. You'll have completed the, the switchover in Europe, you know, before, before the end of this calendar year, I'm assuming, with those territories still to come imminently. Yeah. So, so really what we're talking about is the sell in to autumn/winter 2024 as really being the first period which will- Yeah ... Which will have a full benefit of that. Absolutely. But, you know, I mean, let's. Look, during the COVID period, you know, it's been very hard to have a proper relationship and proper, you know, meeting points with these partners in Europe. You know, next week, I've got the entire European agency teams coming over to go through the ranges, talk about the products, to, you know, communicate their needs. That kind of collaboration just hasn't happened in wholesale, so... or for a long time, so it's really reestablishing a proper collaboration, a collaborative approach, which will pay dividends. Yeah, okay. That's helpful. Thank you. Other question just in relation to the store program and the concept stores that you had launched over the course of the last 12-18 months. I'm just wondering. I'm specifically referencing the style choices and trying to bring to life the different components of the range. Yeah. Has that program been put on ice? Is the cash constraint gonna put pressure on that, or are you still able to roll forward with some of those changes? We've not done anything on that over the last year, because of the cash constraints and because our CapEx program was fully loaded already. The things we were spending on this year come to an end, so there is an opportunity for us to revisit that during this coming 12 months with really low cost investments. The performance we're seeing from those stores, we don't sort of track them separately anymore, but right up to the end of the tracking, remained strong. So there is quite a good business case for it once we've got the liquidity to do it. Yeah. Okay, thanks. And I'm tied into then, the having cash to do it. I mean, there was a question earlier about, you know, other IP kind of licensing opportunities, et cetera, et cetera. Yeah. You talk about, you know, actively exploring existing opportunities. I mean, Yeah. Is there, is there stuff in line of sight which could bring in some capital? Yeah. Should we call it, in a kind of 3-6-month timeline, which could then get deployed into other initiatives? Yes. Yeah, I mean, look, there are, there are interesting conversations going on around the world. It's quite hard to predict what lands when, 'cause if you think back to when we did an 8 pack, it went from nothing to a deal in about 7 weeks, so. Yeah. So they're quite entrepreneurial in their nature, but obviously, we'll keep you updated on that, but we would expect something to happen on one of those conversations for the next year. Yeah. Okay. All right, that is very good. Thank you very much for your help. Cheers. Thank you, Matthew. Any further questions, please press star and one. We have some further questions online. We have 2 questions from Adam Tomlinson at Liberum, who asks, "What amount of the GBP 35 million cost saving program will be realized in FY 2024, and how does this break down?" And then he also asks around some color around the current net debt position and headroom. So all of it will be realized in FY 2024, or very nearly all of it. There's a little bit of full year equivalent in FY 2025. I mean, clearly, we're setting ourselves a goal internally of doing better than that. The good news on the GBP 35 million is when that program was put together, which was, as Julian said earlier, validated by Interpath, third party, it was all identified, so we know where it's coming from. It, it's banded as cost savings. There are a couple of things in there that aren't cost savings. So one, for example, is the income coming in from starting to charge free comm returns. So that's gone in place, and that's starting to deliver already. There was a redundancy program across head office, which happened back in the early part of summer. So that's already happened, so we've got the full year of that coming through. There's a cost associated with the option count reduction, which will be real, and will happen as the ranges come through. And there's the ongoing property reductions as well, which, so most of these are identified in train and in good shape. So I think we'll get all of that. And actually, behind the scenes, we're becoming more efficient than that anyway, because I am facing GBP 17 million of cost inflation this year, predominantly from payroll, but also from lags on energy costs, where our hedges are running out, those sorts of things. So we're driving more efficiencies behind the scenes to negate those two. The second question was just on the current net debt position. So we weren't gonna publish a number on net debt as of now, because at this time of year, it can move all over the place based on stock timings and dispatches, 'cause we're heading into our peak working capital. But broadly speaking, with our net debt at the moment is still in the teens. And you know, we're heading towards our peak draw. We put the Hilco facility in place, as I think you all know. We're not drawing on that at this point in time. And from a budget point of view, we're slightly ahead on cash where we expect to be at this time of the year. So at the moment, we're feeling reasonably comfortable on that front. We have a further question from Juan Cabanel from Tao Investments who asks around the performance differences between the EU and the UK in terms of the wholesale segment, and thoughts on current trading within wholesale as we go through full year 2024. There isn't really any wholesale in the UK to speak of. There's some with some of the third-party internet platforms, and they remain relatively strong. But the most of the challenges we're experiencing are in the European markets, and that's why the agency model is being adopted, to put that entrepreneurial spirit back into those territories where we're not close to them. So that's really the issue, it's Europe, which we're hearing from other retailers is a reasonably common theme across the European continent. The second bit was what, sorry? Just on performance going through FY 24. So on wholesale, I mean, you know, the order book is pretty much set, so what we're seeing at the moment will be a run rate. I do wonder, after having seen how last year's autumn, winter performance went, whether that we might see some better performance on in-season buyers, and people realize they might have gone a bit light on their orders. That's sort of, you know, we'll work hard to drive that, but we're not banking it in any of our projections at the moment. And I think that our estimation is that underlying run rate of somewhere between -20% and -30% is what we're gonna assume happens until the winter 2024, when those on, the entrepreneurial guys get their chance to drive those performance improvements. Have we got any more questions on the line, operator? There are no questions on the phone. Okay, we have one more question, which comes from Anubhav Malhotra at Liberum, who asks, "In the context of a lower need to reduce inventory, can you please provide some guidance on your margin for H1 and the full year? Yeah, so my best estimate at the moment is that we'll recover two-thirds of the margin losses we made last year. There is still some clearance activity to do, as I've said, so we'll have to process that through the year, but we will see some quite material gains from wholesale. There's a reference in the notes we put out this morning about how we delayed the price increases on the wholesale business. Those have gone through for this year, so we will see some benefits coming through on the margin of that, particularly as we go into the spring, summer season in the second half. So I think, you know, some pressure on margin in the first half would offset in the second half, and therefore, we'll recover two-thirds of that 3-point decline we saw last year. We have no further questions, online, operator. That's correct. Are we done then? I think that wraps it up. Well, thank you for your time, everyone. I really appreciate that. I know it was short notice, due to the issues we had with getting the audit signed off, as I'm sure you all read about earlier in the week. Appreciate your patience and responding to us at short notice this morning. Speak to you soon. Thank you, everyone.