Hello, everyone. Just to take you through the agenda for today, first, we're going to take you through an overview. Steve is going to talk about the financial and KPI review. Julie and I will go through product, followed by some more detail on third parties. We'll touch on marketing, followed by ESG, and lastly, the outlook for Sosandar. Just to give you an overview of the Sosandar story so far. The success of Sosandar was spotting the opportunity for an e-commerce brand for women who had graduated from fast fashion. What they were looking for was a trend-led brand, we design all our clothes in-house, looking for high quality, good fit, and lifestyle appropriate. Our customers tend to be in the 35+ age bracket. She was also looking for a mid- price point. On average, a dress at Sosandar would be about GBP 69. In simple terms, before Sosandar, our customer was either faced with brands that were too young for her or brands that were too safe and not fashionable enough. What we gave her was a unique aesthetic, a chic and sexy look, both in terms of the style of the product we produce and everything we do marketing wise. All the imagery and the aesthetic behind the lifestyle we sell. We launched in September 2016 with 74 styles. That has increased 30 fold, and we now have a product range of 2,000 styles on the site. As you can see on the chart, we've gone from startup to GBP 12 million turnover in four years, and the success of the brand and unique brand positioning has been recognized by many third parties who all approached us. The ones we chose to work with so far are Next, M&S, and John Lewis. Just to give you some highlights from the full year, and then I'll give highlights of current trading, and we're going to go into more detail in all these areas later on in the presentation. Revenue for the year is GBP 12.2 million, which grew 35% on the prior year. The really key part is that we saw a 62% improvement in our EBITDA loss. We maintained our cash balance incredibly well, finishing the year at GBP 3.93 million with very minimal cash burn throughout the previous year. That's really been partly due to scale and also the maximizing of return on investment from customer acquisition. We really accelerated the expansion of the product range to really adapt to customers' changing needs, and we recruited more customers last year than we did the prior year, but on half the marketing spend. We'll come on to talk about how we did that later on. We're also seeing, once we recruit those customers are incredibly sticky. We're seeing ever increasing number of repeat customers, and we're also seeing those customers order more frequently. As Ali said, we have launched very successfully with John Lewis, Next, and Marks & Spencer, with those orders being profitable from day one. Highlights of current trading, the new financial year began in April. For the first quarter of the new financial year, we've had a really great start. It's been a record quarter. Each month has increased sequentially, ending with a record in the month of June. Total revenue for the quarter is GBP 5.7 million, which is up 256% versus the prior year. Obviously worth pointing out that, of course, we were in heavy lockdown at this point last year. Importantly, we're also up significantly on where we ended the prior financial year. Versus Q4, this first quarter of the new financial year is up 45%. We've seen a really strong increase in active customers, increasing by 23% in three months alone. We've seen the fastest sell-through of new stock that we've ever seen. The third parties just continue to go from strength to strength. The EBITDA improvement also continues, and we can see a very clear path to profitability. Moving on to the financial and KPI review in more detail. Starting with a P&L overview, which just shows the 62% reduction in EBITDA losses to GBP 2.9 million in the year ending March, driven by the 35% increase in revenue to GBP 12.2 million. Gross profit percentage in the year was 48%, which maintained broadly stable against the prior year. That was despite a slightly higher impact of promotional activity during the year in order to ensure sell-through of product through the pandemic. Quarter one, the gross profit margin for the new financial year was 56%, showing a step up as the restrictions started to lift. We also saw a substantial reduction in admin expenses by 26% within the year, predominantly driven by marketing and economies of scale, as the focus on return on investment and cash preservation and management took hold through the year. In terms of the balance sheet, as Julie mentioned, a really strong cash position at the end of the year of GBP 3.9 million, held broadly stable since nine months previous, where we had GBP 4.4 in July. A really strong position. The other thing to note on the balance sheet is that of inventory, which was reduced significantly by GBP 1 million to GBP 2.9 million, and that's despite increasing the range of product that we now stock, as well as onboarding the third parties during the year. Our balance sheet was further strengthened in May of this year following our fundraise, where we raised GBP 5.4 million net, and that raise is designed to accelerate our growth beyond where we're already heading, particularly with our third parties, by increasing our stock holding from Autumn/Winter 2021 to ensure that we increase the amount of breadth of range that's stocked on our third parties, so the number of styles, but also the depth of each style, so the quantity against each style, so that we can really maximize the opportunity that's being created by our relationships. At the end of June, we were holding cash of GBP 9.1 million, inclusive of the raise, which again, is minimal operational cash usage in that period. Moving on to some of our broader KPIs, starting with the total number of orders. What we're looking at here is how our orders have changed over the last two-year period. Last year, the total orders that we generated grew by 29% year-over-year. As we entered the autumn, so September 2020, we returned to customer acquisition, and you can see the number of orders growing from that period onwards. It's that customer acquisition that has also enabled us to grow in the first quarter of this current financial year, with total orders tripling against the same period 12 months previous. In this first quarter of the new year, our total orders are 40% up when compared with the previous final quarter of the last financial year. That's driven both by new orders as well as those that are from repeat customers. Looking at our existing database, our active customers, and how engaged they are, this chart shows us how engaged and the average order frequency that we're generating from our active customers. Today, based on quarter one, 42% of our active customers are now purchasing from us more than once per annum, and that's up 26% on the previous year. In addition, as Julie mentioned, we've increased the number of active customers in the last three months alone by 23% and now have 167,000 customers buying from us in the last 12 months alone. In addition, on average, each customer is now buying from us 2.2x per annum. If we look at only the cohort of customers that purchased from us more than once in the last 12 months, that's now nearly 4x per annum, which is up from 3x only 12 months previously. In terms of our conversion, which we've seen a really significant increase over the last six or nine months, so our conversion stepped up significantly in the second half of last year, and again in the first quarter of the new financial year. We're now tracking at around 3.7% conversion. This has been driven by the expansion in our product range and also the refinement of our marketing mix and our strategy, which we'll talk about later in the presentation. With regards to average order value, that's stepped up again in quarter one following the dip that we saw last year as the maturity of the product mix took hold. It stepped up in Q1 to GBP 86 as we started to see the product mix normalize, as dresses, both woven and jersey, took a slightly larger proportion of the overall mix. In terms of our admin expenses, on the left-hand side, we can see the absolute spend of our costs, but on the right-hand side, which is what I wanted to focus on, you can see those costs as a percentage of our revenue, which, as we entered last financial year, dropped significantly. In the first half, as we stopped customer acquisition, as we got to grips with the pandemic, but much more significantly as we started to acquire more customers and invest in marketing again in the second half of last year and continuing into the first quarter of the new financial year, our cost as a percentage of revenue dropped significantly in the first half of the last financial year as we focused on preserving cash and stopped customer acquisition for that period of time. As we entered the second half of last financial year, we recommenced with our activities, but importantly, our costs as a percentage of our revenue have continued to stabilize and actually fall as we've entered into the first quarter of the new financial year, showing quite clearly the economies of scale that we're now generating, along with the ROI improvement from marketing, which really shows the clear path that we now have to profitability. We're going to come on to talk more about the expansion of our product. The pie chart on the left shows the revenue by category for the full year of 2021. We've expanded the product range significantly over the last year. This has really given increased customer choice and also has enabled us to fulfill far more wardrobe needs. The mix is very well balanced across a number of different product categories, and what this enables us to do is very quickly adapt to consumer demand, and it gives us an ability to dial up and dial down categories very quickly. When we were in deep lockdown in January, February, we were able to dial up the loungewear, leisurewear, and activewear, and then as restrictions have started to lift, we've been able to really dial up dresses once again. If you look at the bar chart on the right-hand side, what that shows is the change in category share for Q1 this year versus Q4. You can see what's happened here is we've got big increases in share in woven dresses and jersey dresses as people have started to go out more, and a decline in share in things like loungewear and leisurewear. I think important to point out is that all categories are showing growth year-on-year. All this is a change in mix of what people are actually buying. Also important to say is that we've barely scratched the surface in many of these product categories. We've currently got about 2,000 styles on sale on-site, there is a huge opportunity to still keep expanding into all of these categories and also to launch into new categories. We've talked about our ever-expanding product range and the fantastic growth in both new and core categories. You can see here on this slide some of our current bestsellers, all of which are really colorful, as what we're seeing is customer optimism with restrictions being lifted. It's been reflected in an increase of colorful purchases. You can also see, most importantly, that as a brand, Sosandar is not reliant on any one type of product. We've great sales across all categories. When we launched as a brand, we were much more reliant on woven dresses and workwear. Here you can see bestsellers across jersey and woven dresses and tops, knitwear, denim, outerwear, and occasion. I think the main thing here is that whatever situation our customer is in, whether she continues to work at home, whether she goes back to the office, whether she's going out, or God forbid, there's another lockdown and she has to stay in, we're covered, as we have such a diverse mix as a brand, which is a great place for us to be. Moving on to our third-party partnerships, and starting with a brief overview of how the operations work for us at Sosandar. We refer to it as the concession model. We are online only with each of Next, John Lewis, and Marks & Spencer. The stock is held in the partner's warehouse, so we move stock to them, and they then fulfill orders directly to their consumer once orders have been placed. Our revenue isn't diluted, and neither is our gross profit percentage. When we're presenting numbers today, and in future RNSs, all of our data is the same. For example, a GBP 69 dress on our own site and on their site, we would report the GBP 69 as our revenue, and also our GP percentage remains undiluted. What we do have, though, is a commission that is paid to the partner, and that is shown within admin expenses. That commission covers us for all costs, which of the operations that are borne by the partner. They are responsible for the fulfillment, the returns handling, the marketing, the transactional costs, and so on. We don't have any incremental or additional cost other than the commission. As a consequence of the way the operation works, it is profitable from day one for us. One of the learnings that we've certainly seen since we commenced trading with these retail partners is that there really is a direct correlation between the amount of stock that we allocate to them and the revenue that they generate. We can see that really nicely on this chart. The gold bars are the revenue that we've generated with the third parties since we commenced trading, and the gray line is the number of units that we've moved to the three partners. You can see quite clearly that relationship. As the number of units has started to grow, so has the revenue. As we start to invest the funds that we raised in May, we would expect that this chart would continue to grow substantially. There's a huge opportunity to grow in Autumn/Winter 2021 with all three of our third parties. We're going to be delivering a greater depth of stock, both in terms of the number of styles, but also the depth of each style for all three of our partners. We're pretty much looking at doubling the amount of stock for Autumn/Winter. As on our own site, the product is resonating with their customers across all categories and selling out really quickly on key styles. Just to remind you of the benefits of these partnerships, we get an incremental revenue growth, further improvement in EBITDA, an increase in brand awareness, and also margin benefits from increasing the order quantities that we have with our suppliers. Right. Come on now to talk a little bit more about our marketing strategy. We have a unique marketing strategy that we've honed and refined over a number of years to recruit the best quality customers, where we see really high repeat levels of ordering from them. We broadly split our marketing budget three ways, and that's split fairly evenly between TV, glossy brochures, and social media, which is Facebook and Instagram. To talk about TV, first of all, we use TV to drive high volumes of traffic to the site. We run TV like it's a digital campaign, in that we monitor and assess every single slot, and over time, we've really been able to refine the programs, the slots, the times, the channels. This is where we've seen this huge reduction in the cost of acquisition, because we're driving huge volumes of people at less cost than we did initially when we first started trialing TV. That's obviously based on all the data learnings that we've had and we're being able to apply those. To give you an example of the kind of spikes that we see from TV, the graph there on the left-hand side shows a day when we've had three slots air on TV. What you can see is how the traffic coming to the site spikes significantly at the moment that the TV ad airs. That traffic comes to site, and then we convert those people using email and brochure. We get huge sign-ups to the database from that traffic that we generate from TV. I'll talk about email in a moment, but to talk about brochures, first of all. What brochures do is they create really high conversion rates. Glossy brochures land on customers' and prospects' mats. The graph below in the middle, below the brochure image, what that shows in the dark solid line is the conversion rate when the brochure lands versus, in the dotted blue line, the conversion rate on the same day the prior week. What you can see, at around 11:00 A.M., when the postman arrives, a massive increase in conversion rate. You can see conversion rates up to 10%, which is virtually unheard of in the world of e-commerce. They work incredibly well to convert people to purchase. Then we use social media in order to drive really deep engagement with our customers and to keep reminding them of Sosandar, retargeting them, bringing them back to site, and we get thousands of engagements every day, people sharing, liking, clicking through to the site, and so on. Then to talk a little more about email. Email is very much the lifeblood of our business, and our database is incredibly important. We'll talk more about the database in a second. We send at least seven emails a week, which is on top of things like back-in-stock emails and so on, and abandoned basket emails. These are the campaign emails that we send every day. The way we run this is like as if we were running a news desk. It's a combination of really careful, skilled planning, but then quick reaction. We have our finger on the pulse all the time of what is happening, whether it be with the weather, stock landing, what people are buying, what the news might be. We're really getting into the hearts and minds of how our customers are thinking and feeling. What happens from this is we get very high open and conversion rates and also very high revenue from email, which I'll talk more about in a second. Just talk about our celebrity strategy. We've had brilliant celebrity endorsement from day one of launching the business, from mainstream high-profile celebrity actors, presenters, dancers, singers. Unlike a lot of brands, we don't pay celebrities to wear our clothes. The celebrities wear our clothes as they like them. This further proves the gap in the market, as obviously celebrities have more difficulty finding clothes than the non-celebrity woman in our market, as these women have more occasions and appearances to dress for. The great thing is that when a celebrity wears our clothes, it's like the icing on the cake of our marketing strategy, but we're not reliant on it. We're not reliant on a celeb or influencer's popularity to sell our clothes. The product sells as we're producing products women in our market want and need, and until Sosandar, they weren't able to find. Now we'll look more closely at the database and how that has grown over the last two years. The gray bars here are the monthly new sign-ups to the email database, and then the yellow line is the overall size of that database. The database has quadrupled in two years, from 100,000 to just over 400,000 people on the database. That's made up of customers, prospects, of people who've signed up and not yet bought. What you can see here, the big spikes here are directly related to when we're investing in customer acquisition, so TV in particular. To go back to the earlier slide when I talked about TV driving huge volumes of traffic, you can see that manifested here in the number of sign-ups that spike when we're on TV. Email is now the largest revenue generator for us. Generating 42% of our overall revenue comes from our emails. This is just people who directly link through from reading that email and then directly link through and go on to buy. The true number of revenue that we're generating from our database is much higher than this because we also generate revenue from people who might see an email and then go and search for Sosandar or come direct to the site. The critical thing with this is once we've got people on the database, we're generating this revenue without having to spend any additional marketing money on generating that money. All our budget for marketing can be allocated to customer acquisition and keep filling that database pot all the time. The next slide looks at the acquisition of new customers. It's similar bar charts, but this time it's new customers who purchase with us for the first time. That's the yellow bars, and then the gray line is the cost of acquisition. You see a very similar pattern, where you get spikes in new customers, where we are investing in marketing. The important thing to note here is that reduction in the cost of acquisition. If we go back to April of 2020, when the pandemic first started, you can see that big decline there in the cost of acquisition versus the prior six months. The reason for that is we were spending very little on customer acquisition, but what we were doing was converting all the people that we'd accumulated onto that database. We'd had a very aggressive drive to recruit new customers in the prior six months. We had a database of prospects, and then we were then able to convert those prospects at minimal cost. Our cost of acquisition at that point in those early stages of the pandemic was very low. It's around GBP 20, which was mainly social media that we were spending money on at that point. Very importantly, when we started investing in acquisition again in September 2020, that cost of acquisition barely moved upwards. It stayed incredibly low, it stayed at a level which was less than half what it had been prior to the pandemic. You can see what's happened since then as well. We've stayed at this level at around the GBP 25-GBP 30 mark of acquiring a new customer, which is significantly reduced on where we were last year, we see this to be a trend going forward. You can see very clearly from March onwards, it's stayed at around that level. In fact, decreasing slightly further as we go into May and June. Going to come on now to talk about our ESG strategy in more detail and our responsibilities as a fashion business. This falls into three areas. First of all is our ethical operations with our suppliers and logistics provider. We'll come on to talk about our responsibility to the environment and sustainability, and also about how we are very committed to Sosandar just being a fabulous place to work and having an inclusive and uplifting workplace. Ethics, first of all. Ever since Sosandar launched, when we were a very small business, we've always been committed to sourcing our products from suppliers who really share our belief in operating responsibly and with integrity. We've now got more than 50 suppliers in several countries across the world, Turkey, China, and India being the largest of the three countries that we operate in. We have an internal code of conduct, which we ask all our suppliers to sign up to, which covers ethical and social compliance, and then we use independent audits to ensure that they are doing what they say they're doing. I think importantly, what we really value and we put a lot of importance on is the long-term relationships that we have built and are building with new suppliers as well. We have a very close-knit relationship with our suppliers, and we have a very open and regular dialogue, and it's important to us that we've got relationships with them from the top-down to the shop floor in the factories, and the same across our business. We all know our factories really well, right across the business. Clipper, who are our logistics partner, have got a very strong focus on their responsibility, and they are accredited by the Good Business Charter. In terms of environmental and sustainability, it's worth noting, of course, that our clothing is very much designed to be robust, long-lasting, and to be worn and washed many, many times. In terms of our product sourcing, we're very much on the road to being able to source 100% of the cotton that we use sustainably, and that would include BCI and organic. As well as on the road to sourcing 100% of the leather that we use in our product as being REALGRADE accredited. In January of this year, we launched and changed our consumer packaging to green PE bags, which you can see the image there, and these are made as a byproduct of the sugarcane production industry. They're recyclable, carbon- negative, sustainable, and can be also recycled. The next stage of this process is to roll out similar packaging across the rest of our supply chain, predominantly for inbound shipments from our suppliers. All of the time, we're also trialing using more sustainable yarns and fabrics within our products, such as recycled polyester, organic cotton, LENZING ECOVERO, which is sustainable viscose. All of these are ongoing in terms of developing new product and launching into the mass range. The other aspect of environmental that we're very conscious of is that today, we do bring the majority of our product into the U.K. using airplanes, which we're already increasing quite substantially the proportion of stock that's transported by both sea and train, and that will increase substantially as we move into the future. The final pillar is what we call Fabulous Sosandar. We're a small group of people that run Sosandar. We're still less than 50 people today, but we are incredibly proud of how inclusive and open the culture is for those people that work with us. We are very much an open door and a family-friendly policy, and there's lots of communication that takes place with all levels in our organization. We do create an incredibly supportive environment for our people to learn and to develop in their roles by giving them opportunities way beyond what could be achieved elsewhere. We are also an equal opportunity employer. Finally, I'll talk about the outlook for the business. As we've said, we've had a really great start to the new year with revenue up 256% year-on-year, and 45% up on the final quarter of the last financial year. We've seen incredibly fast sell-through on all our product ranges. We have further investment into the product range for autumn, which will underpin both the revenue on our own site and also growth with the third parties. We are continuing to invest in customer acquisition, which will in turn continue to fuel the growth in repeat orders. We are continuing to see the improvement in our bottom line, and we are well on the road to getting the business to profitability. We're poised now in a very good position. The business is in a very good place, and we've got a huge opportunity on which to scale over the coming year and beyond. That's it on the presentation. Over to you for questions. The first question is, what percentage of turnover last year came from repeat customers? Repeat customers represented in the region of 70% of our total orders last year. That continues to grow. If we refer back to the chart, that's really important for us. It's making sure that once we've recruited a new customer, that that customer becomes a customer of ours for a long period of time. It's really pleasing that the repeat customer percentage, not only in terms of the quantum of orders, but also the number of those customers that purchase from us multiple times in that year, is increasing, of which that now represents 42%, but the total is 70% of our total orders. Thank you. What's your total addressable market for your segment, and what share can you take at maturity, and what's the long-term EBITDA margin target? Shall I take the addressable market first of all? The addressable market of women in the U.K. that potentially could shop at Sosandar is in the region of 10 million, 12 million, because we've got such a broad cross-section of ages shopping with us. Anybody could really shop with us, of any age. It's a huge addressable market in the U.K. That's obviously the U.K. alone. There exists a big opportunity for us to expand internationally, which obviously creates millions and millions. I think we would describe it as we've grown incredibly well, but we've barely scratched the surface yet of the addressable market, both in the U.K. and overseas. In terms of what percentage of the market we could take, the sky's the limit, I think, really. We see ourselves becoming a large-scale retailer. When we launched this business, we looked at how ASOS and Boohoo had developed as businesses at that point, and also what they've gone on to do in the last four and a half years since we've launched. Both Boohoo and ASOS are targeting the 18 to 30-year-old demographic, have gone on to become very, very large-scale businesses, both in the U.K. and internationally, and we see that identical opportunity for Sosandar with our demographic. In terms of the EBITDA percentage, I think first and foremost, it's worth recognizing we've made massive strides already by substantially reducing our losses. The immediate objective is clearly to break even and then beyond, which we're absolutely now demonstrating that trajectory is much closer. In terms of what the objective would be in the longer term, it's a hard one to answer, really, but certainly we would be pushing to a double-digit percentage of revenue for EBITDA as we start to mature. We can't really put an exact figure on that, but what we're more focused on is growing a sustainable business that's always growing our database and making sure that the customer has got lots of reasons to engage with us as Sosandar. Thank you. Inventory declined by GBP 1 million, greatly helping free cash flow despite a significant increase in sales. Can you expand on how this was achieved? The simple answer is stock turn today is much better than it was previously. We're now running the business on a stock turn and a stock cover level that's very similar to what we would envisage running the business on going forward. Our sell- through, particularly of new product, has been incredibly strong, both on our own site and with third parties. At the same time, that gives some kind of risk or missed opportunity, but we're very quick to repeat buy, and so we can run the business on relatively low stock cover in order to quickly repeat buy, but also we recognize the opportunity with third parties in particular, and what we're aiming to do from the autumn is grow their stock significantly. Still on broadly the same stock cover, just turn a higher quantity of stock into revenue. Thank you. Customer returns dropped during the pandemic as demand shifted to loungewear and activewear. What's the current trend, and how do you expect this trend to develop over time? Yes, over the last year, we've seen returns shift, really, both ways, and it's very much directly related to customer behavior. In very simple terms, when people are locked down, they're less likely to return product, because they're buying stretchy, comfortable clothing that has low returns levels, and also less inclined to go out, I think, to the post office. As restrictions lift, returns start to normalize, I suppose, is the word that we would use again. We've seen returns levels really anywhere between 43% and 47% is probably the kind of the movement that we've seen. At this point in time, we're more at the higher end of that number because people are buying a lot more dresses at the moment because they're sick of wearing loungewear. That's a kind of a comfortable level, I think, for us in which to operate in that, and what we would have expected as a business. Obviously, it's been a bonus over the last year to have very low returns rates, but where we are now, I think, would be a more normalized returns level for us. Thank you. How long is your lead time if you need additional stock to meet demand? It really varies. It varies on the country. It varies on the category into which we're repeating, whether it's jersey product is quicker to get from Turkey than outerwear from China, for instance. There isn't a one answer fits all to that. It varies, really. We can turn around something in as little as four weeks on certain categories. What's the longest turnaround? The longest turnaround would be things like knitwear and outerwear, which is planned before season, about three months before. Thank you. What's the average holding period for third-party stock? Pretty short, actually, because they sell through so fast. We're replenishing stock, both repeat purchase of existing styles that are on their site, as well as new styles very quickly. They recycle their returns also very quickly. On average, we're holding no more than about three to four weeks worth of stock at any one point in time, that they're turning around incredibly quickly. It works very well and very efficiently. Thank you. You seem to have regular special discount promotions, for example, at the weekend. Does this help to sell inventory quicker? Yes, we use promotional discounts both for acquiring customers and to convert existing customers. Yes. In very simple terms, it's a tried and tested retail mechanic to increase revenue and increase conversion. Thank you. Can you talk more about the new options granted to management and why this was done? Sounds like one for me. The board recognized back in late 2019, actually early 2020, that with the change in the business, with a lot more key staff on board, we needed to review our long-term incentive program. We put that on hold during the pandemic, but now was the time to address it properly. In simple terms, we've added an additional five key staff. Every key member of our team is now a participant in the scheme. We had PwC review it, so it's using all the most efficient mechanics now, employee benefit trust, nil- cost options. We presented that to, I think it was 21 institutional investors prior to the last fund raise, gained support from all of them for it. That's now in place, and it does mean slightly more options in the mix, but it gives us, on a fully diluted basis, I think, a fraction over 11% sitting in our option pool. Thank you. Moving back to inventory, is it valued at full sale value? No, it's valued at cost. The cost that we purchase from our suppliers, that's how we value inventory. Thank you. When do you see breakeven? I probably would refer at this point to a Singer's note. They've done a guidance note today, which I believe would be accessible for some. They have us breaking even as we move into the next financial year. Important to note that there are periods of time or this financial year, there'll be periods of breakeven, but not the financial year in totality. There is a Singer's guidance note that's been published. Thank you. Going back to the returns, do you have KPIs that you're working to, and can you explain them? What we would have is an overall returns target for the business, and then we would then, in each category, have an average returns rate that we need to be achieving in each category in order to meet that overall returns target. Obviously, different categories would return at different levels. Knitwear and things like leisure and loungewear would have very low returns rates in the probably 20s and 30s, and woven dresses as the highest return rates. Typically, industry averages are, and for us as well, would be in the 50s. We have returns rates by category. Then what we also do is we're then looking all the time at the product that is returned on an individual basis to look at any product that falls outside of what we would expect. Whether that be high returns rates, in which case, we need to analyze why those returns are so high, or indeed, if the returns rates are low for the category, what we can learn from that in order to then reapply it to other products going forward. I'd say it's a combination of having targets and then analyzing each individual garment in order to make sure we hit those targets or improve on those targets. Great. Many thanks. How has Brexit impacted your supply chain process? Has it adjusted your supply chain strategy? In one word, no. We're very aware, by working with our partners, the whole situation to do with Brexit and what the impacts and implications are. We're noting at the moment, we sell only in the U.K. The movement of goods to consumers outside of our borders, it's not something that we've had to overly concern ourselves with at the moment. That said, we are very conscious about growth, and I think we mentioned earlier that we have an eye on international expansion at a point in the future. We're very alive, also with some advisors, about how to manage that situation in the most effective manner. Movement of goods, the returns process, the stock, the duties, we're very aware of what changes have taken place. All of that will be considered when we move forward. From an inbound shipment perspective, when we're bringing goods in from our suppliers, broadly nil impact, I would probably say in answer to that question. Thank you. Is there still no interest to pursue other markets, for example, menswear or childrenswear? I think we'd never say never to pursuing other markets, but there's so much still to go for in terms of the women's market. We've launched a lot of new categories this year, but there's still room to develop, both in the core categories that we already have, there's still lots of development going on there. There's also new categories that we can go into as well. On top of that, within the womenswear, there's plus size, there's petite, there's so many different areas. We'd never say never to menswear or to childrenswear, but I think we've got a lot to go at with the womenswear section first. Thank you. Is the potential to expand into Europe by, say, full year 2023? I don't think I'll put a date on it, if you don't mind. What we will say is that, yes, we are actively looking at opportunities with both still in the U.K., we've got lots of opportunity in the U.K. with additional partners or the way in which we interact with the consumer, also internationally as well, whether that's in Europe or further afield, Asia, the U.S. All of them are on our radar, and we do have conversations, and we're in research mode, I would probably say at the moment, to decide what route, how we interact, and which markets we believe are right and appropriate for when we do go and expand beyond the U.K. It's very much on our radar. Thank you. Excluding business growth, which quarter would you expect to have higher sales? In terms of year-on-year growth, the first quarter will be the largest because the comparative in terms of the prior year when the pandemic first hit was the lowest. In terms of year-on-year growth, it'll be the first quarter. As we move forward and we start to invest the funds that came from the fundraise, it will most likely be quarter three, as we start to execute the plans in the future. We've got a steady growth, and I think a lot of the charts that we've shared show a gradual and a sustained growth as we go through time. That will also be overlaid into giving you a fuller answer.