Okay, good morning, everyone, and thank you for joining us today. With me here in London this morning is John Shipsey, our CFO. In terms of the running order, I'll offer a few thoughts to set the stage, hand it over to John to take us through the numbers, and then I'll come back to talk about the strategic progress we made in the first half. As always, we'll close with your questions. Now, knowing that it may be top of mind for many of you, let me begin with an overview of our activities in Russia and Ukraine. Like many of you, we are shocked and appalled by the tragic events unfolding in the region, and we join in the broader international community in calling for de-escalation and peace. To give you a sense of scale, our business in the region represented less than 1% of sales last year. Over recent weeks, our priority has been ensuring the safety, security, and well-being of our colleagues in the region. All are safe and continue to receive full support from Smiths. In response to the invasion, we have suspended sales into Russia. Moving now to results. Our first half performance demonstrates that we are executing well against our strategy. Organic revenue growth accelerated to 3.4%, and we converted that into even stronger profit and EPS growth, up 11% and 14% respectively. Our growth was underpinned by strong demand across most of our end markets, and order books continued to build. In January, we successfully completed the sale of Smiths Medical several months earlier than expected. This was an important milestone for us as it further focuses our portfolio. We now have four higher performing, more strategically aligned industrial technology businesses, all with similar commercial, operational, and financial characteristics. We are using the proceeds of the sale to invest in growth to further strengthen our balance sheet and to return capital to shareholders by way of a buyback, which is already 25% complete. The early completion and rapid capital return are examples of the faster pace and better execution that are fundamental to our plan. The Smiths Excellence System is a central component of this, and we're making good progress on the next phase of SES, having set clear priorities, put leadership and resourcing in place, and settling into a tighter, more disciplined operating rhythm. We've also heightened our focus on ESG to multiply our sustainability influence and to maximize the accompanying growth opportunities that come with us. We've had a good start to the year. That said, we face many of the same headwinds as the broader market, including supply chain challenges, rising inflation, and ongoing geopolitical and macroeconomic uncertainty. We'll go into greater detail on each of these points in the coming slides. At last fall's capital markets event, we laid out a plan to deliver performance in line with Smiths' substantial potential. The plan is summarized on slide six in what we call the Smiths Value Engine. It connects three key components of success, our purpose, our strengths, and our priorities. As a technology company that has had a hand in a number of the world's most meaningful advances over the past 170 years, our purpose is crystal clear. We are pioneers of progress, and we're committed to improving our world through smarter engineering. We leverage four fundamental strengths that create distinctive and compelling competitive advantage, world-class engineering, leading positions in critical markets, global capabilities, and a robust financial framework, of which John will say more in just a moment. Our purpose and our strengths are then directed towards advancing three key priorities, accelerating growth, improving execution, and doing more to inspire and empower our wonderful people. We measure our progress by tracking 5 medium-term financial commitments, organic revenue growth, EPS, ROCE, operating margins, and cash conversion. Slide 7 details our performance in the first half against these commitments. We've included results from the same periods in the two prior years for reference. As you can see, we're making good progress. Organic growth of 3.4% approaches the 4%-6% range we're aiming for longer term. EPS growth was even more pronounced at 13.8%, a steep acceleration versus the same periods in both 2020 and 2021, and above our longer-term target of 7%-10%. ROCE climbed 370 basis points to 14%, while margins expanded 150 basis points to 15.9%. An operating cash conversion of 93% is a solid result for us in light of our investments in growth, as well as the supply chain constraints that I noted earlier. We're encouraged by our performance in the first half, and I'm grateful to my 14,000 colleagues around the world who make it happen. There is still much to do to reach the still higher levels of performance of which we're capable, but we're pointed in the right direction, and we're clearly making progress. Let me now hand it over to John to walk through the results in greater detail. Thank you, Paul, and good morning, everyone. I'm pleased to be able to talk you through a good set of H1 results. Let me begin by referring back to what I said at our capital markets event in November. Our key financial priority is to accelerate top line growth. Because with our strong financial framework, if we can turn the wheel of top line growth faster, it will drive even higher profit growth, and that profit growth will in turn drive strong cash flow. Cash flow, which we can use to reinvest in future growth or indeed return to shareholders if it's surplus to our reinvestment needs. That is precisely what we did in the first half, accelerating organic top line growth to 3.4% and almost GBP 1.2 billion of revenue. Converting this into double-digit growth in operating profit up 11.1%. 110 basis points of margin expansion. Underlying EPS growth of 13.8% and continued good operating cash conversion of 93%. An increase of 5% in the interim dividend reflects the group's strong performance and financial position. As Paul just highlighted, with top line growth of 3.4%, we achieved an important step up on last year, and this was driven by a strong performance in 3 out of our 4 divisions, as I'll come on to in a moment. We did see a minus 3.3% adverse Forex impact, but we more than offset this with a 3.7% contribution from the Royal Metal acquisition. As you know, our firm intent is to continue to enhance organic revenue growth with value creative bolt-on M&A. We converted that revenue growth even faster into profit, up 11.1% to GBP 189 million as we increased operating margin from 14.4% to almost 16%. You can see on the slide how we did this. First and foremost, we drove higher volumes. We continued to reap the benefits of our restructuring program. We also effectively managed price and inflation, as well as ongoing supply chain challenges, while at the same time continuing to invest in future growth with R&D investment up 8%. You can also see the positive impact of bolt-on acquisitions. It’s the same picture at the EPS line, up 13.8% on an underlying basis, driven by the twin benefits of revenue growth and margin expansion. EPS was further boosted by accretive M&A, the absence of restructuring charges, and the start of the share buyback. Overall EPS of 30.6 pence was up 18% on a reported basis, notwithstanding adverse FX. You can see the group financial framework in action. Organic revenue growth, complemented by accretive M&A, driving even stronger profit conversion, which in turn drives strong cash flow. In the first half, we generated operating cash flow of GBP 175 million, with 93% cash conversion. It's a good result, particularly given a challenging supply chain environment. We took the decision to increase inventory and prioritize security of supply, even if this does mean a temporary increase in working capital. Below the operating level, we saw the benefits of lower pension contributions, and going forward, we'll also benefit from early repayment of the $400 million bond, which was completed just after the end of the first half. All in all, continued good cash generation. That's the overall picture. You're seeing a stronger, more focused group. Each division well-positioned in attractive growth markets, albeit with those markets at different stages of recovery. John Crane has shifted up a gear and is back in growth. Detection is managing challenges in aviation OE, and that market will not start to see recovery this year. On the other hand, Flex-Tek and Interconnect both continue to show strong momentum against a backdrop of favorable end market conditions. Let's look at each division in more detail, starting with John Crane, which delivered growth on all fronts. Revenue of GBP 416 million was up 5.1%. Growth was primarily driven by energy, which was up 7.5%, and aftermarket, which grew 6.6%. Aftermarket accounted for 69% of John Crane revenues in the half. We were also encouraged to see later cycle OE return to growth, up 1.8%. Operating profit grew 6.3% and margin improved to 20%, achieved despite an increase of GBP 3 million in R&D and headwinds from both inflation and supply chain disruption. John Crane has good commercial momentum with strong order book growth in the first half, spread evenly across aftermarket and original equipment, and including a large number of projects that are critical to the ESG goals of its customers, especially in relation to emission reduction and energy transition. Next, Detection, where it's important to set some context. Delivery of pre-COVID wins underpinned revenue in fiscal 2020 and 2021, but many of these programs have now completed. Subsequent tender activity has been much reduced, especially in aviation OE, as customers have delayed capital investment. Order intake did start to recover in the first half, but we don't expect this to translate into revenue growth until calendar 2023. Nonetheless, the fundamentals of the business remain strong and we're well-positioned for when recovery does come. Detection revenues were down 7.2% to GBP 313 million in the first half. Within the underlying decline of GBP 24 million for the division, aviation OE was down GBP 34 million for the reasons that I just highlighted. On the other hand, it was encouraging to see aftermarket back to growth in both end market segments of aviation and other security systems, which meant that aftermarket made up 54% of detection revenues in the first half. Other security systems was also in growth, with revenues up 8.1%, driven by a good performance in ports and borders. Operating profit was down 13% to GBP 36 million against a backdrop of both lower volumes and significant supply chain challenges, particularly in relation to electronic components. Managing the supply chain continues to be a key focus of attention in the short term. Looking further ahead and more positively, we did see order book growth in the first half. Detection is well positioned and in better shape for the recovery in demand in aviation OE, which we expect to begin to see in 2023. Moving to Flex-Tek, which grew strongly in the first half and is firing on all cylinders. Revenues were up 10% to GBP 297 million, reaping the benefits of a very positive U.S. construction market. Also the aerospace business has turned around and was back delivering good growth of 16% in the half. Overall, operating profit was up 18.3% to GBP 62 million. You can also see a very strong margin story reflecting effective action to offset cost inflation. And on top of this, Royal Metal's profitability was well ahead of plan. Looking forward, Flex-Tek has good reasons to be confident about the future. We see positive medium-term indicators for the U.S. housing market, and the commercial aerospace market will continue to recover. Plus, there's an exciting pipeline of new products which Paul will be referencing in a moment. Interconnect, which delivered another impressive step up in performance. Revenues were up 12.9% to GBP 166 million, with good growth in all its end markets, particularly semiconductor test, space and defense. Operating profit was GBP 28 million, an increase of nearly 60%, and margins jumped to 16.9%, reflecting strong volumes and the realization of restructuring benefits. We continue to see strong order momentum across all Interconnect's end markets. Differentiated technology is winning us high levels of orders across key markets like space and semiconductor test. You can see in the first half results a stronger, more focused group. In January, we completed the sale of Smiths Medical, and so the half year includes a profit of, on disposal of GBP 1 billion. To remind you, we also have a liquid financial investment in ICU Medical with a current market value of GBP 0.4 billion. There's further potential value to come from a contingent earn-out of $100 million. All of that, combined with immediate cash proceeds of GBP 1.35 billion, means that we have a strong balance sheet. We're proceeding at pace with the return of surplus capital. We're already more than a quarter of the way through the share buyback, and at the current run rate, our average shares in issue for FY 2022 will fall to 387 million, and we will complete the program in early calendar 2023 with around 350 million shares remaining in issue. The key point from these first half results is that we're demonstrating the Smiths financial framework in action, turning the wheel of top-line growth faster, converting that into even stronger profit growth, delivering free cash flow that we use first and foremost to accelerate organic growth, but also to add complementary M&A and to return to shareholders. You should expect to see this blend of capital allocation continue even after we complete the current program. Although this is just the first checkpoint in our new strategy, we are on track. I'd like to finish by taking you through the outlook for the full year. As you've seen, we've delivered well in the first half, in spite of supply chain challenges. Looking forward, there are strong positives. We're seeing good demand in most of our end markets. We have a clear strategy which we're executing well. We will continue to deliver positive operating leverage, and we're excited by further new product launches to come. At the same time, we can't pretend there are not real challenges in the external environment. We expect the aviation OE market to be more challenging in the near term. We also expect inflationary pressures to increase amidst continuing supply chain disruption. All of the above is made more complicated by the geopolitical and macroeconomic environment. That all said, we expect to continue to make progress and to deliver on our clear strategy, and we are maintaining our guidance of 3% organic growth for the full year. With that, let me hand back to Paul, who's going to talk about how we'll build on this foundation going forward. Thank you John. Smiths is an intrinsically strong company capable of a great many things. In the past, this sometimes led us to try and tackle too much and consequently deliver too little. We're now tightly aligned on three key priorities. Growing faster, executing better, and doing more to inspire and empower our great people. These keep us laser focused on what specifically needs to be completed this month, this quarter, and this year in order to advance our progress and fulfill our commitments to key stakeholders. Let me bring this to light with some examples from the first half, starting with accelerating growth, our biggest upside to value creation. The faster growth we delivered in the first half came from four levers that you see here. First, strong execution to access the high demand we're seeing across most of our end markets. Layered on that, more aggressive new product development and commercialization, leveraging the strengths I noted previously to solve our customers' toughest problems. Third, building out the many attractive adjacencies that our strong core positions make uniquely available to Smiths. Topping the stack, disciplined M&A to supplement our primary organic growth model. Let me say a few words about each of these levers, beginning with market growth. Now broadly speaking, we participate in four global end markets: general industrial, safety and security, energy, and aerospace. Our organic revenue growth in general industrial was nearly 6% last period. This was driven both by first fit and aftermarket growth for John Crane in sectors like water, paper, and mining. Demand for Flex-Tek's construction solutions and Interconnect's semiconductor test products was stronger still. In safety and security, we were down 3.5%, as the aviation security sector continues to work through the impacts of historic air travel contraction during the pandemic. While detection's order book did grow in the period, several of these wins are future dated, underlying our view that this market is still a year or more away from recovery. Now conversely, energy market expansion continues at a high rate. We grew 7.5% in this market during the first half, with strong demand across most geographic and end user segments. Our fastest-growing market in the half was aerospace, where we were up almost 17% as increased aircraft builds drove strong demand for Flex-Tek and Interconnects solutions in the segment. Each of our four main markets is benefiting from a world reopening, albeit at different rates, which is incrementally beneficial to Smiths. Our balanced portfolio and broad market exposure dampen specific volatility in any one market, and we saw this play out in our half one performance. Fast growth in aerospace with consequent benefit to Flex-Tek and Interconnect. Strong demand in energy markets supporting accelerating growth for John Crane, and expected challenges in aviation security, leading to a decline for Smiths Detection. The aviation security market will return to growth as longer-term macro forces remain quite strong. Conversely, our fastest-growing markets at present may eventually moderate. It's the breadth and balance of our portfolio that makes the difference. Our strong positions in multiple large global critical industries is a distinctive long-term advantage for Smiths. Our second lever for faster growth is improved new product development and commercialization. In support of this, we launched a number of high-impact new products in the first half. For example, in Smiths Interconnect, we introduced new connectors and transceivers for high-speed satellite communications. In John Crane, we introduced a novel solution for demanding pipeline applications. In Smiths Detection, we introduced a high volume, faster throughput system for cargo screening. Equally exciting, as you can see on the right side of slide 28, we're set to launch a number of additional programs in the second half. These include John Crane's zero emission seal, the first of its kind, a potentially game-changing innovation in the world's united effort to contain methane emissions. Also due to launch is Flex-Tek's Python platform of multilayer refrigerant lines designed to replace cumbersome copper tubing in HVAC systems. To fuel our growing new product pipeline, we invested more than GBP 50 million in R&D in the first half, a year-on-year increase over 8%. In the same way that we're strengthening our new product capabilities, we're moving more quickly to build out priority adjacencies, several of which we featured at last fall's capital markets event. Two specific examples to illustrate. iCMORE is a Smiths Detection platform that uses advanced algorithms to automate suspicious item detection in cargo, baggage, and palleted goods. Earlier this month, we launched iCMORE Currency to detect rolled or stacked bills of multiple denominations and origins, supporting the fight against global money laundering. John Crane Sense is a digital platform that leverages technology first developed in Smiths Detection. The system uses sensors and machine learning to monitor customer networks, flagging potential failure points before they occur. In H1, we launched Sense Turbo, a sensor-enabled extension of our market-leading dry gas seals of engineered seals. These are but two of the many examples of how we're improving our world through smarter engineering. Our fourth growth lever is using disciplined M&A to augment our organic growth focus. Our most recent acquisition is Royal Metal, which we purchased in February of last year for $107 million at a valuation just under 8x trailing EBITDA. Royal Metal is a provider of residential and light commercial HVAC products, primarily on the East Coast of the United States. The deal is off to a good start, with revenue growth of 45% and profits more than doubling under our ownership. The strong growth is being driven by synergies with our Flex-Tek portfolio, good sourcing and price management, and the healthy construction market that I mentioned earlier. We have a solid pipeline of similar M&A opportunities across the group that we're actively working. Having given you a flavor for what we're doing on the growth side, let me now say a few words about execution. In my experience, a common denominator among many high-performing companies is a strong continuous improvement culture. Our approach to this is centered around the Smiths Excellence System. While we've had the foundations of SES in place for a couple of years, we need to do more to translate theory into action and action into results. In support of this, we launched the second phase of SES last autumn, grounded in specific delivery targets aligned to the same three priorities we're walking through now. With respect to growth, we're leveraging SES to improve new product development, to build on our strong quality framework, and to improve customer service. On the execution front, we have projects underway in operationally intensive areas like our factories and distribution centers. As regards people, we're taking advantage of the launch to accelerate talent development. In addition to a group SES leader who reports to me, we put in place master black belts in each of our businesses, hard-wiring to the division presidents. We launched over 40 new black belt projects in the last six months and are already beginning to see the benefits of this work here in the second half. Let me give you an example of a typical project. Over the last five years, we've reshaped our interconnect portfolio to focus on the products, technologies, and end markets where we're best positioned for profitable growth. Our leading semiconductor test business is one example. Several of the largest chip manufacturers, names you'll know well, are customers of this platform. As the business has grown, we've had success automating our manufacturing processes. This has helped us reduce process variability, expand capacity, and lower costs. This particular black belt project was a continuation of that effort, automating the test procedures that take place prior to customer release. Previously, ours was a manual process, which resulted in longer cycle times and lower yields. We charted a project, resourced the effort, and systematically worked through a Lean Six Sigma process. The project yielded the following results. Sorting times were cut by 75%, test times were reduced by 90%, and customer acceptance levels increased to 99.99%. The project took about six months to complete and is representative of the sorts of high impact results-oriented work enabled by the Smiths Excellence System. We're now steeply ramping the number of such programs underway across the business. Certainly, SES is helping us execute better, which in turn supports the improved performance you saw in the first half. A good portion of continuous improvement comes down to leadership, another powerful element of our SES plan. By putting talented leaders into full-time black belt and master black belt roles, we accelerate development of our people. When they then re-enter into business leadership roles, we cement the cultural advances needed to sustain and amplify the gains. This brings us to our third key priority, people. Topping our list in this regard is safety. Smiths has a strong safety culture, with recordable incidence rates in the top quartile of all manufacturing companies. As mentioned, we've had a particular focus recently on the safety and well-being of our colleagues impacted by the conflict. We're supporting the International Red Cross and the vital work they're doing for the people of Ukraine. Slide 35 illustrates a number of other actions we took in the first half in support of our people priority. In the interest of time, let me highlight just a few. Our latest employee survey demonstrated progress across multiple categories, including our innovative culture, being a great place to work, and excitement about the future of Smiths. Consistent with the ramp up in SES activity that I just described, we trained 30 new black belts and over 50 more green belts in the first half. In support of our commitment to diversity and inclusion, we conducted D&I focus groups with over 800 colleagues in 11 languages and across 21 countries. We established an extended leadership team comprised of the top 200 leaders in our company, with a third of this group being female. I'll wrap up my comments today with an update on our heightened ESG focus. Sustainability is central to all of our priorities. As those of you who followed us over time will know, Smiths first implemented environmental targets back in 2007. Since that time, we've reduced water usage by 53%, greenhouse gas emissions by 60%, and non-recyclable waste by 63%. Our energy usage is down almost 40% across that period, and over 60% of the electricity we use today comes from renewable sources. Building on this strong foundation, we took four additional meaningful steps in the first half of fiscal 2022. We established a science, sustainability, and excellence committee on our Board of Directors. This group oversees new product development, environmental stewardship, and continuous improvement. We put in place our first ever Chief Sustainability Officer, who sits on our Executive Committee. We added rigorous ESG metrics to our compensation programs, and we published specific 2024 environmental goals, an important step towards delivery of our net zero greenhouse gas commitment by 2040. Aligned with this, we signed on to the Science Based Targets initiative and the UN Race to Zero pledge. Now, on the right side of this chart, you can see a number of specific ways these commitments are contributing to growth. John Crane is playing a frontline role in helping our energy customers navigate the all-important transition to a zero emission world. Flex-Tek is engaged with customers on solutions for cleaner air and lower emission heat. Electrification is at the center of much of many of our customers' decarbonization plans, and Smiths Interconnect powers the types of systems that makes this possible. Smiths Detection is absolutely central to the safe passage of people and products around the world. I'll wrap up with a few closing thoughts. At last fall's capital markets event, we laid out a plan to bring Smiths performance better in line with our vast potential. In the first half of fiscal 2022, we demonstrated good progress in this direction with organic revenue growth of 3.5%, operating profit growth of 11%, and EPS growth of 14%. In the same way, we're building capabilities aligned to our three main priorities of growth, execution, and people. New product momentum is building, SES is up and running, and our commitment to building an ever more diverse and inclusive team is unwavering. Alongside all this, we're taking swift and decisive action to accelerate our progress on ESG. In closing, I'd like to thank all Smiths employees around the world for the hard work and dedication that makes this progress possible. In the same way, we're grateful for the strong support we enjoy from our customers and shareholders. With that, I'll pass it back to the operator for any questions that you might have. Thank you. We will now begin the question and answer session. If you wish to ask a question, please press star one on your telephone and wait for your last name to be announced. Please stand by while we compile the Q&A queue. This will only take a few moments. Once again, if you wish to ask a question, please press star one. If you wish to cancel your request, please press hash key. The first question comes from the line of Andy Wilson from J.P. Morgan. Please go ahead. Hi. Good morning, everyone. Thanks for taking the questions. I've got three different ones, so maybe if I take them one at a time. Just on John Crane, excuse me, and the order development and I guess expectation of the order development. I'm just trying to understand a little bit how current events in Russia, Ukraine, what you sort of see that meaning for longer-term demand for John Crane on top of obviously everything you talked about at the Capital Markets Day. I guess the expectation on a timeline for seeing potentially some of that benefit. I guess what I'm trying to understand is that might all be positive, but does it take a little bit of time to come through and what should we sort of expect in terms of orders turning into sales? Maybe quite a broad question on John Crane order dynamics? Sure. Thanks for the question, Andy. With respect to Crane's order development, so more generally, as you've seen it continues to ramp at capital markets in the fall. We shared details on that with an expectation for the first half basically high teens order growth, and that's exactly what we saw play out. Now specific to Russia, I would say in the near term it's not helpful, but as you indicate in the medium term, it should be a net benefit. In the near term, the impact will come twofold. First, as you heard, we have suspended sales into Russia, so that has an impact. Secondly, most of our large energy customers have activities in Russia. As they divert energy, attention and resources to focus on managing that takes away attention from other programs we might have underway with them. In addition, they are all ramping up their non-Russian capacity which might lead to near-term delays in scheduled maintenance. Near term, consistent with what we said in our prepared comments, uncertainty has been increased here in the second half. Now, medium and long term, it should be helpful in a couple of ways for us. First is, in the same way that our customers are ramping up near-term supply out of non-Russian sources, they're adding capacity. That coupled with the increase in energy prices is a sustained rising tide here across energy markets and as we're a big player in support of that, we'll benefit. Additionally, you know, while of course, Russia is a big contributor to the global energy markets, and we're well-positioned there, you know, our penetration is even higher in some other markets. As supply shifts from Russia to other parts of the world, we'll do even better. Near term, unhelpful. Medium to longer term, favorable. Perfect. I wanted to also follow up on John's comments around capital allocation and just M&A and sort of given the success, particularly of Royal Metal, which obviously you can see in the numbers. I'm interested kind of what that pipeline looks like and I guess if there's sort of more of that Royal Metal type businesses, obviously another one that's attractive, that would be good. But just in terms of pipeline and kind of thoughts on vendor expectations and whether they are shifting, it's maybe become a little bit easier, or not. Three thoughts. The first is, Royal Metal is unique. Not a lot of deals grow 50% and double their profit in the first year of your ownership. You know, we bought at the right time there. It was a proprietary deal where we knew the seller well, and paying 8x trailing for a business like that was really good. It really worked well. That'd be point number one. Point number two is there is a good pipeline of businesses similar to Royal. You know, the right size, synergies, with our existing portfolios and an opportunity for us to grow either in a geographic area, like what Royal does for us on the East Coast or in a particular end user segment. We're looking at a number of deals both in Flex-Tek, but across our portfolio. Point number three is on pricing. We are continuing our very disciplined approach to doing bolt-on acquisitions. Of course, values are up. You know, while we generated a lot of synergies from that transaction, again, a big piece of the success is buying right. We're gonna stay disciplined. I think we have a good process in place to make sure we do that. The final one, just on the vitality index number that you gave. I guess I'm interested, and apologies if this is being talked about before, I might have missed it. Do you have a target for what that vitality number should look like? I mean, I appreciate there must be a sweet spot in terms of, you know, the amount that you're spending in terms of R&D and how much, you know, practically revenues you would expect from, I guess, recent product launches. I just wonder if there's a target level of what you see as the, kind of the right level for a group like Smiths. Yeah, we think about it, you know, on three levels. At the highest level, what matters is organic revenue growth. You know, we have multiple contributors that we walk through here to it. We think new products is one where we can do even better. The second level then is, as you note, the vitality index. That is the proportion of our period revenues that come from products introduced in the previous five years. That number was good in the first half, and we feel going forward should continue because of those new product launches I talked about in half one and even more coming here in half two. The third piece of the puzzle, Andy, is erosion. It's what proportion of your new products no longer contribute to the revenues? That's a piece that we're trying to work on as well and didn't talk about in the call. In some of our businesses, life cycles are very long. You know, when you introduce a high impact seal system, you know, like, dry gas seals is a good example where it's been decades of benefit to John Crane, and we expect the same with our zero emission seal platform as that now starts to gain installed base. Conversely, some of the programs in Interconnect have shorter lifestyles or life cycles. They'll be specific to a customer need, and because the electronics world moves so quickly, you know, the generations can be shorter there. It's really the combination of those two things, the vitality index, how much is going into the pipeline, and then it's erosion, how much you lose, and the net result we care about most is organic revenue growth. Perfect. Thanks, Paul. Thank you. Next question comes from the line of Will Turner from Goldman Sachs. Please go ahead. Morning, everyone. I have a handful of questions. The first one, just to follow up on John Crane. I was just interested, how much exposure does John Crane have to LNG terminals? I know obviously it's predominantly, the biggest exposure is, downstream refineries, but is LNG terminals a big, market and an opportunity for John Crane? Yeah. Good morning, Will. Yes, indeed. LNG and particularly, you know, our technology around dry gas seals is really important and really leading. We do participate in the transport and the storage of gas. The issue with LNG terminals is that they take an awfully long time to design, let alone build. We know that the world will be moving very quickly to increase capacity, in the light of recent events. We will participate in that, but it will be a matter of years ahead, not months ahead. Okay, great. On interconnect, obviously some very strong results from that division, but this has been one of the divisions where historically it's been a bit more difficult to forecast with a relatively high degree of lumpiness. How sustainable is this improvement in both the growth and the margins? Then in terms of the performance, was there any kind of... Was it due to one particular product category or customer order which resulted in such a strong quarter, or was it quite broad-based? A little bit more color on how you're seeing the outlook for interconnect would be particularly interesting. Yeah, thanks for the question, Will. Our Interconnect business revenues are principally in three areas. There's the semiconductor test business. I gave an example of a Six Sigma project there. There is the fiber optics business, which contributes to some of those high-speed satellite communications advances that I mentioned. Then the third part of their business is the general connectors business, which benefits from broader electronics growth. All three of those categories are doing well for us right now. In terms of forward visibility, we were awarded a number of sizable contracts in the first half, and those will take, you know, months and even in some cases, years to service. While the near-term performance of Interconnect is quite strong, our outlook for the second half and heading into the next fiscal year remains quite robust as well. We feel good about that business. Okay, great. Just a final question on cost inflation. Obviously, it's a super challenging environment, and certain cost items are moving, can move pretty rapidly, especially in the last couple of months. I'm just wondering, what are your thoughts on cost inflation? Are there any risks here to profitability? How comfortable do you feel with managing this, and what are the initiatives that you're taking to help manage this environment? Yeah. As you saw in the first half, we had a good result in that respect. While, you know, we're impacted by the same general inflationary headwinds as everyone else, the delta between our price performance and our inflation, both raw material and wage inflation, was a net positive in the first half. That's because the businesses got after it early. Of course, we knew inflation was coming as the world started to reopen and demand across our portfolio increased. It's only a matter of time before that played out in the supply. We got after it quickly. Now, moving forward, we expect to see continued ramping of inflation. A number of countries now are tightening their money supply. That will hopefully damp down inflation. that balanced with the Russia situation, you know, certainly for the second half, we think inflation will be even higher. what are we doing to combat it? you know, for us, our suppliers and our customers, we're all on both sides of this equation. We're both facing supply inflation for what we buy, and we're all working collaboratively with our customers to try to strike a balance in terms of what we you know can attract for our offerings. the first way that you focus on this is making sure your operations are running as efficiently as possible, so there's less waste in the system for suppliers, for us, and for customers to try to absorb. The second way you do it is having very open communication lines up and down that supply chain. Again, with those from whom you buy and those to whom you sell, we're all managing the same two things. If you do that in a collaborative way, you can steer through it. Then the third is you need to have very good visibility. You need to have systems that let you see, you know, specific raw material changes, and you need to have good visibility into what the net pricing is for your products. You need to have a process in place where you review it and manage it consistently. That's all the kind of better execution that we've talked about now for a couple of months here. Okay, great. Thanks. Thank you. Next question comes from the line of Andre Kukhnin from Credit Suisse. Please go ahead. Good morning. Thank you very much for taking my questions. Can I start with one on detection, just to follow up on your comment on order book starting to be rebuilt, but not to see benefit this year. It's obviously clear that the benefits for 2023, but could you give us some idea of where the orders are running now versus the sales level? Hence, should we think about 2023 as a recovery year at this sort of rate of rebuilding the order backlog or more of a stabilization year? I'll take that one. Yeah. Good morning, Andre. So what I can say is that the order book did grow in the first half, so orders recovered. We actually took more orders than we depleted in sales out in the first half in detection. So I think that's encouraging, and it's consistent with our view that there are signs of recovery. The aftermarket is probably the leading indicator. Whether you look at John Crane or whether you look at detection, aftermarket will recover first. We're seeing that. We saw that in the first half with 4% growth, both in aviation aftermarket and other security systems. OE it will take longer. It takes longer in John Crane. It takes longer in detection. We expect that we won't see recovery this year, but we expect that we will see it in calendar 2023. Andre, there are 3 leading indicators that we're encouraged by in the aviation security market. The first is, as John mentioned, the underlying OE order book. That's growing. The second is aftermarket service, which, as we mentioned in our comments, also growing. And then the third is the broader security markets that John just referenced, ports and borders, urban security, et cetera, also growing. The leading indicators are now all turned to the positive, and that is certain to drive the underlying OE demand here in the, you know, coming calendar year. Great. Thank you. As you said, very encouraging indeed. Could I have another two questions on John Crane? One is, and sorry to dig into the detail here, but on the kind of drivers of margin and operational leverage there. Thank you for the number on R&D acceleration of GBP 3 million. Against that, we should have had some portion of, I think, around GBP 10 million-GBP 12 million of restructuring savings coming in as well. If I were to take these, sort of the 3 versus maybe 6 for savings, then it does imply that there's not a huge amount of operational underlying kind of gearing in John Crane and outgrow, which is a little bit surprising given it's coming from aftermarket, which is supposed to have decent drop-through ratio. I just wanted to check through these numbers and see if there's anything else that we're missing in there. More importantly, how do you expect that to play out for the second half? Is that kind of GBP 3 million step up in R&D as a run rate, or should we think about a different number? Sure. Thanks, Andre. On John Crane, the restructuring benefits. Actually, we got pretty much all of the restructuring benefits in John Crane immediately, in FY 2021, and we've actually over-delivered on our target of the restructuring benefits. That's because we took action at the end of FY 2020. You're right, though, that we should see operating leverages as volumes recover. We've already taken the restructuring benefit, but we should see the volume effect of positive operating leverage in John Crane. What has offset that is not just the R&D that I spoke to, GBP 3 million, but also we have incurred higher costs in managing these supply chain challenges. That, in John Crane, it's less about electronic raw materials, it's more about critical surface technologies, polymers, et cetera, and incurring freight. That's the reason why perhaps you've seen less operating leverage in the first half. Clearly, what's important to us going forward is to take out that inflation rate and supply chain cost and deliver that operating leverage going forward. Great. R&D, is that sort of similar GBP 3 million? Yeah A step up in the second half as well? Yes. As I think you know, Andre, we are investing heavily in our digital product offering and in fact, quite a broad range of new product launches coming out of John Crane, much more than we've seen in the last five years. Although we're increasing the level of spend, you know, we're still around 2% or 3% in John Crane as a percentage of sales. You know, at the enterprise level, Andre, the gearing is so strong, 3.5% top line growth, you know, driving 14% EPS growth, that we're in a good position to be investing for the future. You see that in R&D, you see that in resourcing of key priorities like SES and ESG, and you see it in terms of the pipeline that we're commercializing. We're in a good spot right now, where the first half was strong and we have an ability to fund future growth, and that should continue to accelerate over the medium and longer term. Indeed. Yes. On John Crane, just final question I have is on that kind of role it has to play in energy transition that you talked about at the Capital Markets Day, and I think we're all looking forward to more details on. Specifically on that, we've seen some hydrogen projects going ahead recently, including a particularly large one in Dubai. Could you comment on whether you are getting work on those projects? How does that compare to your kind of normal shipset value or sort of content density, if we can think about it that way, on say a more standard oil and gas related work? Yeah. The energy transition is a clear benefit to John Crane, short, medium, long term. In the short term, all energy companies are upgrading their infrastructure, having them run more efficiently, fewer leaks, et cetera. All that plays to our advantage. As we mentioned, you know, the situation in Russia will further contribute to that. In the medium term, the focus on methane emissions is quite pronounced. Crane is ideally positioned to help customers with that. This zero emission seal we're gonna launch in the second half is the first of its kind on the market. That'll be a game changer for our customers. In the longer term, there's transitions to other energy sources like the ones you referenced with hydrogen. Many of those are more sophisticated solutions, operate at higher pressures and, you know, have requirements for more highly engineered solutions. All that plays directly into John Crane's benefit. We're quite encouraged about energy transition, sure, in terms of how that benefits our own business, but really in terms of the opportunity to help customers. This is at the very top of every energy company's priority list around the world. Great. Thank you very much to both of you. Thank you. Next question comes from the line of Mark Davies Jones from Stifel. Please go ahead. I'm very sorry. This has coincided with our weekly fire at home test. I'll get on with the question quickly. Detection. Can you talk about the medium-term outlook on the OE side? 'Cause I can quite see we should see some recovery through next year as passenger numbers recover and airports get back to life and so on. On the OE piece, you're also fighting the headwind of the end of that big upgrade cycle in Europe, on the move to CT. What's coming down the pike in terms of the next technology cycle that gives you comfort over the medium-term growth prospects? I'll go onto mute. You wanna take this one? Sure, yeah. Thanks, Mark. I hope it is just a fire drill and nothing more serious. Yeah, good, very good question on detection OE. I mean, as I said earlier, we are seeing all the right leading indicators coming through in terms of aftermarket first, ports, shorter cycle ports and borders also coming through, and then longer term aviation OE. Just to stress, as I spoke to Andre, we are seeing order recovery in the first half. It's just that for OE, that cycle is longer. We are very confident about the long-term fundamentals of this business. We feel it's very strong as a market long term and our position within it. We are the leading provider of aviation security. We are continuing to invest in our technology, the technology that supports today's products and the technology that supports the next generation. There isn't a cliff edge on regulatory upgrades. We have had, and we are through, for example, most of the regulatory upgrade for hold baggage in Europe, as you know, Mark, very well. You know, we've, for example, had a big delivery in these last 18 months, a big program with Aena in Spain. That is coming towards a conclusion. What we also see is different waves, either by geography. So for example, in Asia or in the U.S., different cycles of upgrade and across both checkpoints. As an example, you'll have seen our big win with Heathrow on CTiX on the passenger checkpoint, which hasn't yet translated into deliveries of sales, but will in the near future. We see wave upon wave of either regulatory driven upgrades, so step change upgrade in technology or replacement cycles in other geographies. For us, more what we have seen is it's not. It's less about a regulatory cliff edge. It has been much more about depressed activity over the past two years in airports, which has forced our customers to postpone capital investment programs that they want to do, but which they have had to push out, both in terms of tender and in terms of delivery. Encouragingly, when you look at aftermarket, we see that tide turning, but it will take, as I say, through to probably calendar 2023 for that to really start flowing through into sales. Thank you. That's very helpful. I haven't been incinerated. If I can add one more further one. On the M&A side and the bolt-ons, would it be fair to think that most of the opportunities there might sit in Interconnect and Flex-Tek, given the size of the current market positions you already have in areas like Crane and Detection. It's harder to see quite as many opportunities there. Is that fair or are there still opportunities even in the bigger divisions? No, I wouldn't take that away if I were you. We have strong positions in all four businesses. Indeed, our two largest businesses, of course, we would like to allocate a commensurate amount of M&A capital too. We're pursuing M&A pipelines across all four businesses. It's the Royal Metal example from Flex-Tek being so exceptional, I think that has a lot of people thinking there's a longer term fundamental shift, M&A to Flex. We'd like to invest in all four of these businesses. Okay, great. Thanks very much. Thank you. Next question comes from the line of Denise Molina from Morningstar. Please go ahead. Thanks so much for taking the question. I just wanted to follow up on the CT demand and the differences in the cycle globally. Just maybe ask for a little bit of color. I know it's just one half, but a little bit of color on the order book, OE in terms of the geographic spread. I have to say that just anecdotally, I was just in the U.S. a couple of weeks ago, and I was in a smaller city, St. Louis, and I saw one of your scanners at the airport and was kind of surprised that it went that deep. It's not a very busy airport. It's not really a hub. Just wondering, like, if there's any competitive differentiation or advantage you might have in getting U.S. orders. Then my second question was, do you have an equivalent process to SES for green lighting R&D spend? You have a lot of different markets, a lot of different opportunities, but you need one that is a growing market and one where you have a differentiated product. What's your process like? Okay, a lot of questions in there. I think the first was about detection in the U.S. Is that correct? Yeah, that's right. Just kind of, you know, what you think your competitive edge is there, if possible. Substantial is what I would say. We're largest player in the U.S. aviation security market as we are in most large markets. Our competitive advantage is cemented in three areas. The first is technology. So many of the big technology breakthroughs in the aviation security market were led by Smiths over time. First one to introduce CT scanning, and we're working on the next generation product right now in partnership with one of the bigger, more secure airports in the world, using a technology called diffraction. Technology, big advantage for Smiths. Second big advantage is the installed base, the largest of the competitive set. Not only does that give you strong reference for winning additional tenders, it has the aftermarket stream that John referenced earlier. Now more than half of Detection's revenues come from that aftermarket stream. The third is the service infrastructure. We have the largest service network globally because we need it with that big installed base. We're in airports every day, working with our customers. I'll have to get to St. Louis and see what you found there. We're doing well in the U.S. Oh, second question about the- Thanks. Yeah, your gate process. SES. SES, yeah. Equivalent for R&D. Yeah. We have three important processes for how we allocate our resources. They're all similar. They're all gate processes. SES is for operational black belt projects, and we've talked a lot about that. For R&D, there's a rigorous gate process where you advance from concept to scale up, to launch, et cetera. There are deliverables for each of those gates, and you make a decision whether to you know continue investing in that program. The third process with similar characteristics is our M&A process, where we have gates going from strategic assessment of the opportunity and then engagement with the potential target, and then moving to negotiating a potential transaction, and then integration and execution of the plan. A strong process in place for R&D. You know, I think that contributes to what we talked about here in the first half. I'm looking forward to the fall when we talk about the second half launches because we have some pretty big programs here that are set to go. That's very comprehensive. Thanks so much. Thank you. Next question comes from the line of Ephrem Ravi Maravanyika from Citigroup. Please go ahead. Thank you very much. Good morning, Paul. Thank you for just talking through kind of Flex-Tek and where, you know, the sort of points of strong activity are and the outlook. Could you please just do the same for Interconnect? Or I think I've got that the other way around actually. You spoke on Interconnect. Could you just please do the same on Flex-Tek? Because that too had a double-digit strong first half to the year. As I mentioned, Interconnect, three pieces, all in growth. Flex-Tek, two big pieces, the construction business and then a smaller aerospace business. Now, importantly, you know, we sometimes conflate our aerospace businesses. We have an aviation security business, detectors in airports, and then we have an aerospace business where we sell components to commercial military aircraft and then also to satellite systems for communications. Flex-Tek competes in the airframe piece of that. We sell components to airplanes for fluid and gas conveyance. Right now, the largest piece of that Flex-Tek business is the construction business in very strong growth and amplified by the Royal Metal Products acquisition that we've now talked about a couple of times. The smaller piece of that business sits on our fastest-growing segment in the first half. Our aerospace portion of Flex-Tek is growing even more quickly than the construction part. As eventually the U.S. construction growth moderates, these are typically multi-year builds on the aerospace side. That's why I think somebody asked me, you know, what I felt how confident I was in the future of our two fastest-growing businesses. Both Interconnect and Flex-Tek have current and forward visibility for continued growth. We feel good about- Yeah. Both those businesses. All right. Thank you very much. Thank you. As a reminder, if you wish to ask a question, please press star one on your telephone keypad. The next question comes from the line of Jonathan Hurn from Barclays. Please go ahead. Good morning, guys. I just had a few questions, please. Firstly, can we just come back to Interconnect please? Obviously, if we look at the end markets there, defense is one of the end markets. Could you just give us a feel for how important that is for Interconnect? Also, which platforms it's on. Defense. Essentially what the growth outlet would be. Defense is a small piece of Interconnect. Interconnect is a small piece of Smiths in total. They are important customers, and we have some very nice programs, you know, multi-year, in some case, decades-long, programs that we participated in. We won a couple tenders in the first half. A small part of our overall business, but like everything else in Interconnect, growing nicely right now. In terms of the, you know, future prospects for the defense industry, you know, regrettably, I think they're probably pretty good right now in the world. That's very clear. The second one was just on John Crane. Obviously, it's good to see that the OE side of the business is starting to pick up. I think historically, you know, the OE contracts there have been sort of secured at sort of quite low margins. Is that still the case, or are you starting to see better margins for your sort of OE wins now? Well, they're probably narrower margins for John Crane, but you know, we still make good money on the OE first fit business for Crane. You know, our strategy there is not to be penny wise and pound foolish. The first conversation is always doing the right thing for the customer. What is the solution? Of course, price plays into it, but if we can help an important customer on a critical OE component, that's gonna lead to many years of attractive aftermarket. We're seeing growth both on the OE side, as you noted, and then even stronger growth on aftermarket. With the situation in Russia and the implications that we mentioned earlier for that, the focus on methane reduction and the zero emission seal coming and the longer-term energy transition opportunity, that's gonna be a lot of OE business opportunity and even more aftermarket. The final one, just on inflation. Sorry if I've missed this, but if we kind of look at the input inflation across the divisions, is it easier to pass on that inflation at certain divisions than others? Yes. It comes down to two things. First, it's the supply agreement. In some contracts, it's a straight pass-through that we don't take risk on the underlying commodity cost. We just communicate what it is and there's no discussion. Some of those contracts exist in Interconnect, some exist in Flex-Tek. Those are probably an example there. The other question is, you know, in terms of your ability to pass price, where do we have a relative stronger competitive position in terms of our technology installed base, service offering? While we don't typically have as many specific pass-through contracts, say in Crane or Detection, our technology market position and service networks are particularly strong in those two businesses. That gives us some value pricing advantage. Great. Thank you guys. Thank you. Next question comes from the line of Robert Davies from Morgan Stanley. Please go ahead. Thank you for taking my questions. I had a couple. The first one was just you mentioned something earlier around the older products within your portfolio. Just be curious, do you have any sense of what percentage of your group sales are coming from, I guess, the more dated or legacy products? I'm just trying to figure out the potential growth uplift from exiting some of these older, legacy products. Is that an opportunity to help sort of push your growth above and beyond the incremental R&D spend you're putting in right now? Do you know any specifics on that? Yeah. Hi, Robert. Tough to answer and probably specific to individual divisions. You know, if I take a John Crane, you know, our business model is to install a seal and potentially to in a refinery to service that for, you know, 40, even 50 years. You know, it's a very long-term, it's a very sticky installed base. At the other end of the spectrum, the cycle for Interconnect products are very short and we constantly invest in technology to improve and deliver the next generation. I'm probably not able to answer your question with a direct number, but what I would say, the important thing about what we do as a total group is that we are investing in organic R&D-led growth, and it's about taking advantage of market recovery, but also, as Paul highlighted, it's about delivering these exciting new product launches to replace older technology and deliver more value and more performance to our customers. That's what we're continuing to do across every division. That's great. Thank you. My second one was just on some of those longer term projects or contracts that you have, do you have sort of hedging in place or cost escalation clauses on multi-year contracts? I guess just the obvious question is on the back of inflation. I mean, if it's book and turn business, you can you know put prices up relatively quickly, and I saw that you've done that on a net positive basis, as in your bridges. Just on your longer term contracts, are there sort of price escalation clauses if sort of raw materials creep up and those are being delivered over sort of two, three, four-year periods? Yes, indeed. We're focused on, you know, wide variety of different contracts. As Paul referenced some of them, for example, if there's a very high value commodity in them, we have straight pass-through. We don't take a risk on that commodity. We're clear about what it costs in terms of the product, and we pass the benefit if it goes down, but the cost, if that goes up, through to the customer. We then do have a number of long-term contracts that might renew, for example, every three years or longer, and those will typically have an inflation-based uplift within them. If they renew at the end of three years, then we'll be looking at, you know, taking advantage of the three-year inflation for the next round. That's great. Maybe just one final one. Just on the Crane business, we can see what's going on in the market in terms of publicly listed companies and their commentary around sort of CapEx and the impact of oil prices. Just be interested, how heavy is your involvement with some of the national oil companies? And just be curious there what the feedback is in terms of their intentions and spending plans. Do you see any sort of obvious differences or divergences between the national oil company spending and the publicly listed companies? In general, right now the story is the same. You know, it's the early days of Mm-hmm. A sustained energy market recovery. The oil price increases, the situation in Russia, Ukraine, all those things are adding to an already buoyant market. Any nuances between state-run or publicly listed would be overturned by just the broader rising tide right now. Okay. That's great. Thank you. That was all my questions. Thank you. Next question comes from the line of Bruno Jenny from BNP Paribas Exane. Please go ahead. Thank you for taking my question. I was just wondering whether you could flesh out, talk about more recent trends that touch upon what you've seen on the ground or heard from customers over the last six weeks. You know, are customers more hesitant to place orders now? Or conversely, are they pulling forward orders as they're concerned about securing supply? Really, what have you seen over the last six weeks, and how does this compare to what you were seeing in the first two months of this calendar year? Yeah, I would say two things in that respect. Our higher performing customers right now, you know, have an answer to your question, similar to what we said on the call. There's this balance between very strong demand they're seeing, good execution that they're delivering, improved accelerating growth that they're finding, and they feel good about that. But they read the same newspapers as you and I, and so they look ahead and all the same things that John talked about in our outlook, you know, they see. Now, the flip side is, you know, some of our customers need us more right now, that they're having some challenges, operational or competitive or otherwise. I would say the balance there tips more to the cautious. You know, if they're already losing before uncertainty went up, this amplifies their concern. Taking a step back, I would still say 60/40, the world is more encouraged than nervous right now, because of the underlying macro effects that you know drive the demand that we're seeing through most of our portfolio. Similar to what we said, on the one hand, numbers are generally pretty good. Demand is strong. World continues to open up. On the other hand, you have you know central banks tightening, macroeconomic geopolitical uncertainty, inflation, so people are feathering the clutch a little bit. Got it. I'd just be interested to get some further color on really what underpins your confidence that you'll still be able to deliver 3% underlying sales growth this year in light of the current, you know, macro and geopolitical uncertainty that you just touched upon. Is it order book strength? If so, could you talk about how much of H2 revenue is currently covered by the order book today? Yeah. It's two things. First, we're now halfway through the year. We grew 3.4% in the first half to deliver 3% for the full year. You know, of course, mathematically would require a bit less in the second half. We're already ahead of the game. Secondly, the work that's underway to deliver the 3.4% and 14% EPS growth will continue. All of those efforts were beneficial, you know, whether the underlying macro economy, you know, continues at a very brisk pace or at just a fast pace. The third is the point that you mentioned, the order books in all of our businesses. They're strong, and in some cases continuing to get very strong. I'd break them into three categories for you. Flex and interconnect, very strong. Strong near-term visibility. We expect, you know, them to have a very, very strong second half. Crane, demand growing, accelerating, and that's gonna be a multi-year cycle of expansion for them. Then detection. Detection's gonna have continued pressure here in the second half, probably the first half of our fiscal 2023. But the longer term fundamental characteristics for that market, they're very clear. All of those leading indicators we spoke about, that's just straight math. We've seen this model before, so we're encouraged by that. When you put those three categories together, it comes back to why we feel so good about the current portfolio for Smiths. You know, frankly, I wouldn't want each of our four businesses all at the same point in the cycle, because that would not portend well for when those markets turn. We have four different businesses all benefiting from recovery, all at different rates across a balanced portfolio where you have strong positions in each. That's gonna serve us well. Got it. Just a quick clarification on Flex-Tek and Interconnect, if I may. So you talked about strong near-term visibility. Does that mean we should expect a typical, you know, H2 over H1 seasonal uplift despite the very strong growth that you've just seen in H1? Well, you know, we don't give forward guidance by division. Are they gonna have a bigger second half than first half? I think what we're saying is that you know, we see continued performance from Interconnect and Flex-Tek. They, Smiths as a whole tends to have a bigger second half than the first half. That's not actually particularly driven by Flex-Tek and not so much driven by Interconnect. I think my message would be continuation of growth in Flex-Tek and Interconnect broadly. Got it. Thank you, guys. Thank you. Next question comes from the line of Alasdair Leslie from Société Générale. Please go ahead. Yeah, thanks and good morning. I think you've been very clear about your kind of view on the full year organic growth. I was just wondering if you could calibrate maybe a little bit more your expectations for full year margins, M aybe with some more color around some of the divisions, particularly because I guess what we've seen is both positive and negative surprises across some of your businesses in H1. You know, kind of fundamentally, are we still kind of confident of a strong improvement in H2 in terms of the margins relative to H1? Thanks. Yep. Thanks very much, Alasdair. Yes, I mean, you'll have seen in the first half that we did deliver a very strong margin performance, a very encouraging 110 basis points underlying with the benefit of Royal Metal, actually 150 basis points including M&A on a reported basis. We do still expect to continue to improve margin in the second half. We don't give guidance at a divisional level, but at a group level, you know, we are. I mean, we still see. You'll see that we have a volume growth. It's our whole financial framework, is if we can drive that top line, we know that we will convert it faster into operating profit growth and then into cash. Growth will reinforce our margins as a general rule, and if we deliver growth of 3% for the full year, you should see beneficial impact in operating profit, and we feel good about that. One thing I would also draw attention to just while we're on is I'm talking about underlying organic growth. Clearly you've seen the reported growth and the benefit we got from Royal Metal in the first half. Royal Metal will drop out of the reported comparison and move into underlying in the second half because we bought it right at the start of the second half of FY 2021. Okay, thank you. Maybe just on detection, I suppose I think perhaps we were sort of thinking about 100 basis points sort of year-on-year improvement in the margin this year, sort of despite obviously the sort of market headwinds or being near the bottom of the cycle there. Is that sort of still feasible? Should we still think about sort of underlying margin improvement of around about 100 basis points for- We for this year? Again, we can't guide to specific divisions. What I would say is that we've done significant restructuring in detection, which has delivered very positive benefits. That's been against a very strong headwind in H1 of twofold headwind. First of all, lower volumes. Clearly operating leverage does work both ways. As detection turns to recovery in calendar 2023, then we will see the benefit dropping through into margin. But right now, with reduced volumes in the first half, that clearly was a significant headwind for them. And then secondly, right now we do have significant supply chain challenges, electronic components, particularly in detection, as I highlighted, that has had an impact on margins in the first half. That's what I can talk to you if you like. I think in a macro sense, the important thing is that detection is in a good market and it is a leader in a good market. As volumes recover, then automatically we will see those margins back and growing. Fantastic. Thank you. Thanks, John. Thank you. There are no more questions. I'd like to hand back over to the speakers for final remarks. Okay. Thanks everyone for joining us today. On balance, we feel very good about the first half performance. Lines up very nicely with the strategy we laid out in the fall. Accelerating growth, improving execution, and investing in our people. You saw nice elements of all three here in half one. Almost 3.5% top line growth, organic top line growth. Very good conversion of that into strong operating leverage. Then a number of investments in our people and in our future. You know, we expect to continue along this path here in the second half and moving into fiscal 2023. Thanks for your interest and I think I'll leave it there.