Good morning. Welcome to Senior plc's 2025 half-year results presentation. Thank you for making the effort to get here, and thanks also go to Deutsche Numis for hosting us here at their auditorium, and a warm welcome to those of you joining remotely. In terms of our agenda this morning, I will briefly cover the highlights. Alpna will run through and comment on the results, and then I will give an update on market strategy and outlook. Senior has performed strongly in the first half of 2025. In July, we announced that we've reached a binding agreement to sell our Aerostructures business to Sullivan Street Partners for an enterprise value of up to GBP 200 million. We expect to complete by the end of this year. We will use initial proceeds to reduce net debt and to launch a GBP 40 million share buyback program. With the sale likely to be completed by the end of this year, our Aerostructures business is now classified as discontinued. Our trading performance in our continuing business has been strong, in line with our expectations, and in a few minutes, Alpna will describe the increases in revenue and profit, so I won't go through the detail on that just now. However, I did just want to highlight the performance of Spencer Aerospace, which we've now owned for two and a half years. Its sales grew very strongly again, 66% year- over- year, delivering double-digit operating profit, and there is still much more to come. We have a robust balance sheet, and that will become even stronger when we pay down some debt after completion of Aerostructures this year. Given our financial performance and future prospects, the Board is pleased to have approved an increase to our interim dividend of 13% compared to last year's to GBP 0.85 per share. Sustainability is a central theme of our purpose, our strategy, and indeed our technology roadmap. As I've said before, increasingly, it is a key decision-making criteria which our customers take into account when awarding new business. Importantly, therefore, we're making great progress as an organization in terms of our own sustainability actions. Earlier this year, we announced that for the third year running, we were delighted to have been awarded the prestigious A rating from CDP for our Climate disclosure and actions. Since then, we've also been awarded an A rating from CDP for our Supplier Engagement. We will continue to focus on remaining best in class in this area. For the full year, the Board's expectations for the continuing group and the discontinued business are unchanged at constant currency. I'll say more about the different elements of that when I cover outlook at the end of this presentation. We will also run through a quick reminder of the medium-term financial targets which we set at our Investor Event in March. Before I talk about markets, strategy, and outlook, I will hand over to Alpna to take us through the financial results. Thanks a lot, David. Good morning, everyone, and thank you for joining us today. I'm Alpna Amar. I'm delighted and honored to be here as Chief Financial Officer at Senior at this key inflection point for the company. Before we go through the financial results, I thought I would take a moment to share my initial reflections, having taken up the CFO role at Senior on the 16th of May. Since joining and visiting our sites, I've been deeply impressed by the group's strengths. We have built a strong reputation over our 90-year history, delivering engineered components across a number of sectors, including defense, aerospace, land vehicles, and energy. The company has an experienced and dedicated team. The half-year 2025 results reflect both the resilience and positive momentum in the business. One of the reasons that I joined Senior is because I believe it is well- positioned for success. We are financially robust and strategically positioned to capitalize on opportunities in our end markets. Our end markets are expected to grow in the medium- term, and we are seeing increased demand for our products. There is a significant opportunity to realize the benefits of operating leverage as volumes increase over the medium- term. In terms of focus areas, as well as driving margin improvement, the priority will be to maintain balance sheet strength, improve cash generation, and continue allocating capital to maximize shareholder returns. With that, let's go to the half-year financial results. Here we set out the group results for the first half of 2025. Those that have had a chance to look at the release will have noticed the changes in our accounts reflecting the Aerostructures business sale. Aerostructures is shown as being held for sale, and our go-forward pure play fluid conveyance and thermal management business is our continuing business. For our continuing business, the first half of 2025 can be summarized in one in which we delivered strongly across the business, with revenue, profitability, and cash conversion growing period over period. Now let's look at the results in more detail. This slide and the next one are a bit technical, but I do want to take you through the accounting changes before I come back to the business performance. Let's take Aerostructures first. As David mentioned, we agreed a sale of the Aerostructures business to Sullivan Street on 18th of July. The accounting reflects our position at the 30th of June when it became highly probable that the sale would be complete within 12 months. For the income statement and the cash flow, we have separated our Aerostructures into discontinued operations. Not only do we have separate continuing and discontinued for the current accounting period, but we also do so for the prior period and hence restate those prior year numbers. Discontinued operations are shown as a one-liner post-tax in the income statement. The balance sheet shows Aerostructures in two lines: assets held for sale and liabilities held for sale. However, under the accounting standards, you do not restate the balance sheet for prior periods. That's enough about the accounting transitions. With the exception of net debt and leverage, everything I'm going to talk about from slide eight onwards relates to continuing operations only, and I'm pleased we are showing margin expansion and delivering strong results. This slide sets out the continuing group's performance, excluding Aerostructures. We delivered revenue of GBP 371 million, up 5%, and adjusted operating profit up 14% at constant currency. Adjusted operating profit margin increased 60 basis points to 8.4%. After taking account of FX, adjusted profit before tax increased 10% to GBP 25.3 million, and adjusted earnings per share increased 8% to GBP 0.0507 per share. I'm pleased to say we generated free cash flow of GBP 10.6 million, a 43% increase on the prior period, and our return on capital employed was 11.9%, reflecting the higher earnings and lower capital base of the continuing business. Moving to the financial results slide, this sets out the results for the total group, including Aerostructures. This simulates the old basis, if you like, but not numbers that you will see in the primary accounts, and I will walk you through these. After the impact of FX, revenue increased 4% to GBP 519 million, and adjusted operating profit increased 26% to GBP 32 million. Adjusted items amounted to GBP 46 million, of which GBP 40 million was an impairment related to Aerostructures held for sale assets. This was non-cash. We also had GBP 4 million of disposal costs in the first half of the year. I will go through net debt and leverage in more detail later. This slide sets out the revenue bridge. Group revenue increased by 3%, or GBP 10 million, from GBP 362 million to GBP 371 million, despite an adverse impact of GBP 9 million. On a constant currency basis, revenue was up 5%. Looking at divisional performance, again on a constant currency basis, Aerospace revenue increased by 7% to GBP 209 million. Civil Aerospace was up 2%. In the first half, we saw civil OEM production rates increasing, although there continues to be some rebalancing of inventory across the supply chain. We also saw sales in Spencer Aerospace, our acquisition in 2023, grow strongly, up 66% on the prior period. David will talk through this in more detail in the market section. Defence had the strongest growth, up 14%, as we continue to see increased sales for the F-35 program and other military programs. Revenue from adjacent markets increased by 17%, largely driven by demand from the semiconductor equipment market. In Flexonics, revenue at constant currency was up 2% to GBP 163 million. In the first half of the year, there was a softening in the North American and European heavy truck market. Despite this, our land vehicle revenues increased 5% with a ramp-up of new programs. Again, David will expand on this later. Revenue from power and energy markets decreased by 2%. Higher demand in our downstream oil and gas and nuclear business was offset by lower revenue in upstream oil and gas and other industrial sectors. Moving forward to the adjusted operating profit bridge, starting with half-year 2024 on the left-hand side of GBP 28 million. We had an adverse FX impact of just under GBP 1 million. Aerospace increased by GBP 2.5 million and Flexonics by GBP 1.1 million. I will go into more detail on the next slide. In addition, our joint venture in China performed strongly in the period with an increase of GBP 1.1 million. Central costs were up by GBP 0.9 million in the first half, primarily due to the increase in national insurance contribution costs in the U.K. These strong results increased the management incentive plan accrual. We ended the first half with adjusted operating profit of GBP 31 million, an increase of 10% compared to the prior period. Turning to divisional performance, in Aerospace, book-to-build increased from 1.03 to 1.05, driven by increasing build rates. Adjusted operating profit increased 13% at constant currency to GBP 21 million, and the adjusted operating margin increased 50 basis points to 10.3%, reflecting increased pricing and higher volumes. Overall, the division continued to make good progress strategically and operationally. In Flexonics' book-to-build was 0.94, reflecting the end market dynamics in land vehicles and more lumpy order flow in the energy market that we talked through earlier. Adjusted operating profit increased 6% at constant currency to GBP 18 million, and the adjusted operating margin increased 40 basis points to 11.3%, benefiting from favorable mix and performance, particularly from our downstream oil and gas business. Now, this slide shows the reconciliation of adjusted operating profit to the statutory reporting profit for the period for the continuing business. It also highlights our interest and tax charges. Net finance costs increased by GBP 0.6 million due to higher interest rates on variable-rate debt and higher average net debt in comparison to last year. IFRS 16 interest charge on lease liabilities increased by GBP 0.3 million, and we had net finance income from our pension plans of GBP 1 million. A tax charge of GBP 4.3 million was recognized in our adjusted profit before tax related to the continuing business. We currently expect an effective tax rate of 23% for the full year 2025. In terms of reconciling adjusted profit to statutory profit, we had just under GBP 1 million of amortization, which was non-cash related to acquisitions. Site relocation costs of GBP 1.4 million for the transfer of manufacturing from the U.S. to our cost-competitive facility in Mexico, as well as costs related to the relocation of our U.K. innovation center in Wales and a new site in India. We had GBP 0.3 million related to the fair value change on contingent consideration for the Spencer acquisition and a GBP 2.5 million tax benefit on adjusting items. Moving to cash flow generation for continued operations, we can really see the key drivers here. Starting from the left, we have our adjusted operating profit of GBP 31 million. We add back depreciation and amortization of GBP 14 million and just under GBP 3 million of other items. Working capital outflow was GBP 13 million, of which GBP 9 million related to inventory build to support customer demand, and the balance being from receivables of GBP 16 million and payables of GBP 12 million. Working capital was 16% of sales in the first half. For the full year, we expect it to be slightly higher at 17%- 18% of sales to support the customer demand in Aerospace. CapEx of GBP 14 million relates to 1.3x depreciation, excluding the impact of IFRS 16 depreciation. For the full year, CapEx is expected to be slightly higher at 1.5x to support growth in both divisions, where we have secured contracts and where we are opening new facilities, notably our higher capacity site in India and the U.K. innovation centre, which I just referenced. Operating cash flow amounted to GBP 21 million. We paid interest of GBP 6.5 million and tax of GBP 3.6 million, giving us GBP 10.6 million of free cash flow. What does that mean in terms of net debt for the group, including Aerostructures? You see the opening net balance of GBP 230 million on the left-hand side, the free cash flow talked about of GBP 10.6 million. We then have GBP 12 million of free cash outflow for discontinued operations, dividends paid of GBP 7 million, share purchases for the employee benefit trust of GBP 1.6 million, joint venture dividends received of GBP 1 million, and other items of GBP 3.5 million, predominantly FX, giving us our closing balance of GBP 235 million. In terms of balance sheet structure, where are we? Net debt of GBP 162 million if we exclude GBP 73 million of IFRS 16 leases. That equates to net debt to EBITDA of 1.9x at the 30th of June. In the first half of the year, we issued $40 million of U.S. dollar private placement notes, carrying interest of 5.46%, maturing in 2029, and we extended the maturity of our $50 million U.S. dollar revolving credit facility out to June 2027. The weighted average maturity of the group's facilities was 2.5x at the end of June. In July, we issued a GBP 30 million term loan for six months, carrying a rate of SONIA plus 1.75%. This increases the group's headroom until we complete on the disposal of the Aerostructures business. Turning to slide 15 on capital allocation. Again, as a reminder, this is for the continued operations. We aim to deploy capital to enhance shareholder returns. What does that mean? We plan to continue supporting organic growth given increasing volumes. Over the medium- term, we expect to invest 2%- 3% of revenue in R&D. In terms of CapEx, this is expected to be 1.1x depreciation. We continue to follow a progressive dividend policy, maintaining earnings cover of 2.5x- 3.5x. We plan to maintain a strong balance sheet by targeting net debt to EBITDA of 0.5x- 1.5x. This leaves us with optionality to return cash to shareholders and to invest in value accretive bolt-on acquisitions. In recognition of our balance sheet and the confidence in the group, in July, we announced our intention to return GBP 40 million of net cash proceeds from the sale of Aerostructures to shareholders by way of a share buyback program. The program will commence once the sale is complete. The remainder of the initial cash proceeds will be used to reduce net debt. A decision on the earnout cash will be made when the quantum is known. With that, I will hand back to David. Thank you, Alpna. Let's turn our attention to markets. In H1 2025, Aerospace represented 57% of the group's continuing operations revenues, and Flexonics was 43%. As Alpna has mentioned, Aerospace division sales grew 7% on a constant currency basis, and Flexonics grew 2%. Aerospace and defense is now 48% of the group, with Civil Aerospace being around 66% of that, and defense 34%. Both these represent good growth opportunities. Sales to adjacent markets from our Aerospace businesses was 9% in the first half of the year, with revenues from semiconductor equipment customers increasing. Our businesses facing into Land Vehicle at 27% of continuing operations revenues and power and energy 16% continued to perform well against a mixed market backdrop. Civil Aerospace was 32% of the group's continuing operations revenue in H1 2025. This includes large commercial, regional, and business jet sectors. Growth in the end market, measured in revenue passenger kilometers or RPKs, was healthy at just over 5%. We expect long-term growth of 3%- 4% in this end market, driven by the growing middle classes in Asia, as well as fleet modernization and aircraft replacement. We have very good positions on all single aisle and widebody platforms, as well as most regional and large business jet programs. We expect this market will continue to grow strongly as long-haul travel and short-haul travel demand levels continue to increase. In the first half of 2025, our Civil Aerospace sales grew 2%, a bit lower than market, which was expected given the rebalancing of inventory across the supply chain we previously discussed. For those of you who followed the Airbus and Boeing results calls, you would have heard them describing remaining supply chain hotspots. As inventory normalizes and rates increase, Senior will benefit from higher sales levels. You will be aware that many countries are committing to higher defense spending. Senior has good content on key U.S. and European military aircraft platforms. In H1, our defense sales grew strongly 14% year on year. That was driven by higher sales to C-130, F-35, Typhoon, and military aftermarket. Turning now to Flexonics, we've had a strong performance in H1 relative to end markets. In Land Vehicles, the new contracts we have won over the last couple of years are now reaching peak production, which is why our passenger vehicle sales growth is 42% year- over- year compared to market growth of 5%. We knew coming into the year that truck markets would be slower, and that has proven to be the case. Nonetheless, our European truck sales still grew 1% in H1 2025 compared to a market decline of 15%, and our North American heavy-duty truck sales declined 13% compared to a market reduction of 19%. ACT Research are expecting truck markets to continue to be weak in the second half of this year before stabilizing and then starting to grow next year. In Power and Energy, a strong performance at our Pathway business in Texas led to strong downstream oil and gas and nuclear sales, while upstream oil and gas sales continued to be subdued. Moving on to strategy. On July 18, Senior announced it has reached a binding agreement to sell its Aerostructures business to Sullivan Street Partners, a U.K.-based mid-market private equity investor, for a total enterprise value of up to GBP 200 million. This represents 13.1x EBITDA. Initial net cash proceeds are expected to be approximately GBP 100 million before transaction costs of approximately GBP 12 million. An additional consideration of up to a maximum of GBP 50 million will be payable in H1 2026, contingent on the 2025 EBITDA performance of Aerostructures, and completion is expected by the end of 2025. With almost a century of relevant experience, we can genuinely claim to be experts in fluid conveyance and thermal management, or FCTM. FCTM is very relevant for our customers as our components and systems contribute to fuel efficiency and emissions reductions in aircraft and vehicles as the world continues to transition to a low-carbon economy. We intend to capitalize on that expertise to deliver value for our shareholders. We have truly differentiated products with rich background and foreground intellectual property, coupled with expert design and manufacturing know-how. We have a good track record of outgrowing the structurally resilient end markets in which we operate, so we are well- positioned for sustained, profitable growth over the medium- term. Margins have been improving in recent years, and indeed they have again in the first half of this year, but as I've said previously, there is so much more to come. That will be driven by better pricing and a relentless focus on improving operational efficiency. We've always been a cash-generative business. As a pure-play FCTM business, cash conversion is expected to be even stronger, which in turn supports investment and growth and shareholder returns. I previously described the markets in which we operate. Our aim is to outgrow these end markets by 50% through the cycle by taking market share and with new product introductions and innovation. Based on that, our expectation for mid-single-digit organic revenue growth through the cycle. That revenue growth supports these medium-term financial targets, which we set out at the Investor Event in March. Group operating margins are expected to expand from under 5% in 2024 to at least double-digit in the medium- term, with Aerospace margins increasing to at least mid-teens and Flexonics margins in the 10%- 12% range. Senior's business model is intrinsically cash-generative, and we expect our operating cash conversion to be greater than 85% through the cycle, and our target return for capital employed, ROCE, is now 15%- 20% in the medium- term. These targets are underpinned by maintaining a strong balance sheet. Our leverage target remains unchanged, aiming to keep net debt to EBITDA between 0.5x and 1.5x. Achievement of these financial targets will deliver consistent value creation for all our stakeholders. Let me finish by talking about the outlook for Senior. For our continuing business, our Aerospace division sales and profitability have grown with good performance in the first half of the year. Our outlook for the full year is unchanged. Flexonics delivered a strong set of results in H1, outperforming end markets, and for the full year, we continue to expect performance to be broadly similar to 2024. Overall, on a constant currency basis, the Board's expectations for the continuing group for the full year are unchanged. Aerostructures delivered an improved performance in the first half of 2025 compared to H1 2024. We continue to expect Aerostructures operating profit in the range of GBP 9 million-GBP 11 million for the full year at constant currency. Looking ahead, we're delivering on our strategy, which gives us confidence in our ability to achieve these medium-term financial targets. With that, we'll open the floor for any questions, which Alpna and I will be delighted to answer. Straight in there, Andy. Our microphone. Good morning, both. Morning. Presentation is Andy from Jefferies. I've got three questions, and I'll come back for a second go. Can we start, please, with Spencer? 66% growth in the period is fantastic. Can we just make sure that we are seeing a nice improvement in profitability? Can you just talk about the opportunities in Europe and where we are with that? That's still something that we've cracked, hopefully, over the next kind of few years, because there's a big upside there. The second question is on pricing. I just want to make sure that you're happy with how the pricing improvements have come through in the period, and we're set for 2026 and 2027 to see improvements as well. Can you just remind us where you are on the negotiations for those two increases? One for Alpna. You talked about working capital to sales nudging up a little bit to fund the growth, which we all understood. Can we just talk about maybe the medium-term opportunity for getting that working capital to sales ratio down a little bit? Just let us know what your thoughts are, please. Okay, thanks, Andy. I'll start with Spencer. Yeah, 66% growth. We bought this business November 2022, and we've grown very strongly each time. You know, what's the reasons for that? I think I've described to some of you that it's almost like a conveyor belt of products that we have coming off there. It takes two and a half to three years to qualify every one of these highly engineered hydraulic fittings, but as they're qualified, they're added on to our Boeing LTA. As they're added on to Boeing LTA, everybody through the Boeing ecosystem can buy those products. We knew this when we bought the business, and it's fantastic to see that being borne out. We're also winning new customers. Yes, profitability is continuously improving. It's comfortably in double digits now and will continue to go up as volumes come through. We're confident of that as well. Pleased with the profit performance, not just the sales performance. You ask a great question. You remember quite rightly that part of the business case was to open European markets to Spencer, both directly, but also by Spencer helping our metal business in France to expand their range of fittings and sell those into Europe as well. Both of those are working out very well. We have a big European OEM working with us to qualify the Spencer product for their ecosystem. We didn't anticipate any sales synergies till the end of this year, and we're on track for that. That will open up a whole new market for Spencer. Very pleased with the performance of that company. The other reason I should say, the team there are doing a brilliant job in terms of on-time delivery, quality, responsiveness, and that sets them out from the competition and why we're taking market share. All good on that front. On the pricing side, pleased to report we're exactly in line with the progress we anticipated making. You may remember at the Investor Event in March, I think Bindi set out in Aerospace in particular, how we moved from the margins we were after at that time to the at least mid-teens, and half of that was coming from pricing. I think at the time we said for the long-term agreement element of that, 80% of that pricing was done. That's still the case. We've got two additional large contracts that we're in the middle of completing, and that's going fine, amicable discussions. By the end of this year, you know, we'll be in very good shape for that. Now, the price increases don't all cut in immediately. Some of those were at the start of this year, some now, second half of this year, some at the start of 2026, and some at the start of 2027. We'll see that gradually improving. We do have a chunk where it's order to order. Those are spot priced, and we're taking the appropriate actions there as well in terms of market-based pricing. Very happy with the contribution that pricing is making, but we're also making good progress on the operational efficiencies, which is an important element too. Andy, regarding your question about working capital, if I look at working capital, it was about 16% for the half year. We are guiding to 17%- 18% for the full year. We do have a bit of inventory build in certain parts of our business, particularly in North America. It is not across the entire company, just a certain number of plants. We are very much focused on it. We have a plan in place to bring that inventory down, and that should bring that working capital percentage down over the medium- term. Yes, Rich? Morning, it's Richard Paige from Deutsche Numis, and the mandatory three questions for me as well, please. On the Aerospace, obviously, you mentioned supply chain disruption continuing in there. Have you got a sort of timeline as to when you think that will start easing in and helping out, given particularly the OEM build rates ambitions for this year? Back at the CMD, you mentioned there were two businesses at sub-double-digit margins. You've obviously achieved double-digit margins in the first half in Aerospace. Are we still on the timeline for the turnaround of those two businesses, please? Obviously a standout is the Land Vehicle performance. Could you just give a bit more detail behind that and also what sort of additional maybe new contracts might be kicking in the second half that keep that dynamic going for the rest of the year, please? Yeah, okay. Firstly, on the supply chain situation, it's a lot better than it was a couple of years ago, and if you cast your mind back, it was a nightmare, and it's been improving. Raw material supply is improving. The issues we had getting things like flanges and so forth improved dramatically, partly because we're making our own. There are still some hotspots. If you take it right back up to the top of the supply chain, you heard [Guillaume Faury, the CEO of Airbus], saying we need engines and engines. They've got 60 gliders, you know, CFM International, and Pratt & Whitney working very hard to deliver enough engines into the program, and there's some confidence that'll happen in the second half of the year. What I meant was that other parts have got slightly ahead of where the engines were. We talked about this last October, and we talked about it again at a full year result. Notably, we supply a lot of stuff into the wings, and the wings were ahead of the engines. I think the OEMs are just taking the opportunity to rebalance that inventory, and then that flows through the supply chain. I think by the end of this year, that will be pretty much normalized. It'll be a bit better in the second half of the year, I think. We expect to see our Civil Aerospace growth rates probably a bit higher in the second half of the year than the first half of the year. Once we get into next year, you're always going to hear about the odd hotspot, but I think it'll be much more normal. This isn't unexpected. I think it's where we thought we'd be. The second point, the two businesses are both improving. One of the larger ones, we didn't say it was or the trajectory, but one of the reasons that we've always said it'll take the medium- term to get to those target margins was because of that. All the great actions there in terms of pricing, operational efficiency, volume are starting to bear fruit, and it's starting to improve, but more work to do. Then Land Vehicle, our humble Land Vehicle business has performed really well in the first half of the year. Firstly, on the truck side, we've done better than market. You'll all be aware of, well, you may or may not be aware of what's happening with the potential emissions regulation change in North America. If you go back a year, there was anticipated to be an emissions regulation change in 2027, which would mean a big pre-buy because the engines are cheaper at the end of this year and into next year. That's probably not going to happen. That's why we're not seeing that pre-buy this year. We kind of thought that was the case coming into the year. We guided North America heavy-duty truck to be down, and it is. What it does mean is it'll probably stabilize. We won't have the big coming off a cliff and then growing again. ACT Research, who we tend to listen to, are saying big fall in demand in North America this year, sort of flat next year, and then picking up. By the second half of next year, we should see it start to pick up. We've outperformed because we've got good market share and because we've won new contracts. The standout was actually passenger vehicle. Remember, we don't go chasing the highest volume, low profit passenger vehicle business. We go after specific niches that are profitable. We won new contracts for our businesses in the Czech Republic, our businesses in India, and supported by our business in Cape Town, as well as the joint venture, which Alpna mentioned, which is its best performance ever. That's really passenger vehicle business as well. We are demonstrating operation performance, quality levels, responsiveness that perhaps our competitors have not been able to do. Because we're able to offer both parts for internal combustion engines as well as hybrid vehicles and electric vehicles, our customers really seem to like that. That's why we've taken market share. That's why passenger vehicle business grew 42% in the first half of this year compared to the market of 5%. It's those new programs. It's also where our CapEx is a bit higher. We had to naturally invest to meet that demand. Those are the principal reasons. Thank you. Thank you. Thomas Rands from Berenberg. Three questions again, if I may. The first two are slightly linked. Just on the profitability of Aerostructures, you mentioned GBP 9 million-GBP 11 million for this year as kind of the guide. Is that enough to get the full payout on the earnout, GBP 50 million, just as a sort of a modeling point of view? Second question, given how well Spencer's done, what's the M&A pipeline like? We'd like some more. There are more kind of Spencer's out there that you would love to acquire, even if the timing's slightly unpredictable. The third one is slightly different, but Land Vehicles, opportunities within EVs for the kind of the cooling element and how you can kind of move along with the transition for light passenger vehicles or even heavy as well, and if there are applications on the kind of cooling of batteries, please. Okay. Now, I know you're not expecting a direct answer to your first question. Look, we're hitting the GBP 9 million-GBP 11 million constant currency. Yes, of course, that puts us in the earnout range, but it's a bit commercially sensitive to say exactly where that would put us and what the bottom and the top end are. I think I've said before, the threshold level's sensible and the top end, as you would imagine from a Sullivan Street perspective, is appropriately stretching. That would have us in the range, but I'm not going to say how much. I think the M&A pipeline, and Alpna's got a lot of M&A experience as well, working with Nigel, who's over here, our EVP of Strategy. I think it's an important part of our go-forward strategy as is returning capital to shareholders. Spencer was quite a unique, well, it was a unique deal. It's either unique or quite unique, not unique. It was a unique deal in the way that we structured it with the $30 million day one, $30 million after 12 months, and then up to $40 million based on the growth. Now, I've just described the growth that's been there, and we knew that was coming. That's why. Don't necessarily expect us to see the same structure of the deal, but we have got a stronger M&A pipeline with some nice targets right in our sweet spot. I'm not saying we're about to rush out and do an acquisition. We're very measured in our assessment of these opportunities. We've done two in the time I've been here. That probably shows you how measured that we are. If we can find the right business at the right price with the right returns, then yes, I think that can help us with our strategy moving forward. I don't know if you want to comment on that, Alpna as well. No, I completely support what you've said there, David. Yeah. Land vehicles. Gosh, so much noise about land vehicles. I think if you sort of rerun all our presentations for the past few years, we always said we don't know the pace of the transition. We have a rough idea depending on which sector it's going to be, whether it was passenger vehicle or heavy-duty truck or commercial vehicles. We said we had to be ready. The winners would be the people that can be flexible in that transition. We set out to be able to continue to be able to supply products to our internal combustion engine customers, knowing that these reduce nitrous oxide, the most harmful greenhouse gas, more harmful than CO2. We're very happy to keep selling those at the same time as winning new business on the electrification front. Hopefully when we can take you to our new innovation centre in Wales, which we can't call Senior Flexonics Crumlin anymore because it's moving to Oakdale, the next village. Actually, the innovation centre is a much better name for it. You'll see some of the great work we're doing in electrification for truck, for commercial vehicles. You'll actually see the manufacturing battery cooling for the Italian-marked sports car that we described the win for last year. We're actually building that in Crumlin. These are the sort of niche applications that are important to us. We're not chasing millions and millions of passenger vehicles because that's not us. Although maybe the penetration of EVs is not quite as high as some people thought it would be because of all the regulatory changes, every period goes up. The penetration of hybrid plus electric is still going up. The path is inexorably clear in my view, and we'll be able to respond to whatever that curve looks like. I don't know if that answers your question at the top, but then, yeah. Thank you very much. Thank you. Hi, it's Andrew Humphrey at Peel Hunt. Also three, I'm afraid. First one, just kind of coming back to Richard's question on civil build rates. Can I clarify the indication you gave there for the full year? Are we then expecting sort of Senior civil growth for full year 2025 below industry build rates? Does that therefore then kind of improve from 2026? Are we kind of, is it a longer process than that in your view? I appreciate it's difficult to say given everything that's going on with engines. Secondly, in the Aerospace adjacent markets, you called out particular strength in semiconductor. That's an end market that I think has been very mixed across results season. We've clearly seen very variable performances. Just interested in a bit more in what you're seeing there and what's driving that and how sustainable it might be. Finally, free cash flow, I think it was a GBP 12 million outflow on structures for the first half. Is there an incentive to try and get some of that back before the deal closes? Are we basically kind of funding a bit of working capital there to kind of get that through to completion? Okay, I'm sure Alpna will answer the third one. Just on the first one. First half of the year, really strong defense and not bad civil. I think second half of the year we'll see strong civil, and we had some good defense aftermarket in the first half that might not repeat. You might see a bit of a swing in growth in Aerospace to civil from defense. I think we'll have a good second half of the year in civil. Just again, bring it right back up to that top level. What did Airbus see? Airbus see they're on track to, you know, 75 single aisle aircraft by 2027, and, you know, kind of doubling the number of A350s. The surprise, the pleasant surprise for us was going from four to five on A330. That's great. We've got some good content on A330. A220 is also going to be increasing. They did draw attention to some of these hotspots in the supply chain. As that stabilizes, we'll be back at the normal rates. We've got parts of our business that are already delivering at the rates that Airbus are at at the moment. Others are just winding a little bit of inventory out of our immediate customers. It's not necessarily Airbus. It could be an intermediary or it could be an engine guy. On Boeing, what did Boeing say? Boeing said they're at rate 38, which is fantastic. Hopefully they'll be having a discussion with the FAA relatively soon to help bring that cap up to a higher level. They didn't say when, but I think they said in the transcript, hopefully by the end of the year, I think they said. They also said they're now at rate seven on the 787, up from five. They're aiming to increase both those platforms considerably. Boeing had built up a lot of stock. They said that in their earnings call as well. That just needs to come out. For some of our businesses, notably the structures ones, actually, we said we'd agreed steady state run rate for some of the big programs. It's not the case with all our businesses. We just need to, they just need to get through some of the inventory, which I think will be in the second half of this year. A bit of a mixed bag, but overall, the direction of travel will be higher civil in the second half of the year. Decent defense, perhaps not quite as stellar as the first half, but overall still making good progress. Semiconductor markets, yeah. I think it has been a little bit different depending on who the key customers are. Our customer happens to be Lam Research, and you know, we've had very good orders for them into our metal bellows business in the U.S. up there in Boston. It's kind of a leading indicator into the semiconductor equipment side. Hopefully we'll see that continuing. I know that some other larger customers have perhaps not been as strong, but for us, that was a really good half of the year. I mean, long- term, you know, the semiconductor markets grow through the cycle. I know it's a bit more cyclical, but you see the huge investment going into the States. Ultimately, we benefit from that if they buy more equipment. It's a good adjacent market to be in, in our core market. Do you want to comment on the free cash flow? On free cash flow, one of the reasons why we are selling the structures business is not just because of the earnings impact, but also the working capital and the CapEx that it takes up. You saw that GBP 12 million outflow in the first half. We will look to do a working capital true up at the point that we complete on the transaction, and there is a mechanism to do that as part of the agreement for the sale process. Yeah, okay. Thank you. Good morning, both. Thank you for the presentation. Alex O'Hanlon from Panmure Liberum. Just a couple, if I may. Starting with Flexonics, obviously the margins remain quite strong and you've had a strong first half performance. I was wondering if you could give us a bit more color as to why the medium-term target of 10%- 12% is the right number and whether there could be scope for that to go up in the future. The second point is just on tariffs. Obviously, there's been a lot of noise with tariffs moving around all the time this year. Can you just give us some more color as to how you're kind of managing that situation at Senior? Thank you. Yeah. On the Flexonics margin, I think these are sensible targets, 10%- 12%. Some people hear me saying the 10% in the down cycle is perhaps even more ambitious than the 12% in the up cycle. If you look historically, when there's been a downturn in North American heavy-duty truck, you know, Flexonics margins have fallen to mid-single digits. This is quite bold for us saying 10%, but it's with reason. We've learned a lot in recent years. We've got a much more flexible cost base now. We have diversified away from North America to Europe and other markets. We've got some really good niche positions and particular vehicle classes that help us to ride that out. I think 10% in the downturn is a good target. Then 12% at the top is sensible. We'd like that to be higher, of course, but you know, let's get there first and then we can, you know, once we get there, then we can look at resettings. Believe me, Alpna coming in with a fresh pair of eyes, putting a lot of pressure on us and Mike Sheppard who runs the division to do even better. I think at the moment, these are sensible targets, Alpna, aren't they? Yeah. Tariffs, yeah. I think the statement we used back on the 29th of April, our trading update around the AGM was the effect is limited and manageable. The limited part of that is because of our global footprint. What we build in the U.S. tends to stay in the U.S. What we build in Europe tends to stay in Europe. What we build in Asia, whether it's India or China or even South Africa, tends to come back to Europe or including the U.K. That's why it's limited. We really don't have a lot of export sales into the U.S. from other countries. The manageable bit is in the small number of cases where we might import a part that attracts some level of tariff, there's a mechanism to pass that on through tariff surcharges. Just to emphasize, that's pretty low. For us, it's not a big impact. The bigger impact would be what happens to end markets, and we're all watching that, of course. Perfect. Thank you. Any more questions? Okay, thank you very much, everybody. We appreciate making the time to get to you. Of course, if you've got any follow-up questions, don't hesitate to ask. Thank you very much.