Good morning, everyone. Welcome to the full- year results for the 12 months ending 31st May 2026 for Springfield Properties PLC. My name is Innes Smith, Chief Executive, and this is Iain Logan, Chief Financial Officer. Next slide. We had almost GBP 100 million of debt two years ago, and we set a very clear strategy that we wanted to clear that debt. We engaged in a selling of land, a tightening on the purse strings, and we are delighted today that we have got money in the bank at the end of the year. A marvelous achievement over the last two years to get us there. Whilst we have done that, we have also managed to increase our private sales and increase our housing revenue on the year. We have managed to hit all our analyst projections and forecasts for this year. We are delighted with the results. In addition to clearing the debt, post year-end, we have also paid off Mactaggart & Mickel, so GBP 20 million of deferred consideration now done, so we have got a considerably stronger balance sheet now. Our strategy also involves building some 300 houses for one of the infrastructure network providers. That is some 300 homes which will house workers working on infrastructure projects, basically to upgrade the electricity network. We will then, over four years, rent those houses out and at the end of them, as we will explain later, we will have a fantastic asset. We are uniquely placed to deliver this in the North of Scotland because we have got an excellent land holding that we have built up over many, many years. We have got a local plan coming through over the next two years as well, which will also add to that. Really good position. We have the logistics, we have the workforce, we have the knowhow, we have the experience in that area, and we are very well placed to take advantage of that. All of this gives us confidence to increase the dividend to GBP 0.03, up 50% from 2025. Post year-end, we announced a share buyback program as an effective means to create value for our shareholders. Iain? Morning, everyone. Again, delighted to be reporting another year of strong financial performance. As Innes mentioned, the highlight, ending the year with positive cash compared to the external forecast, which had GBP 10 million of bank debt. We are really pleased with that. If we look at the first slide on private housing, really positive given the current macro environment that private revenue has increased from GBP 156 million- GBP 165 million. It is the previous slide, Rachel. Thank you. And we've also seen an increase in average selling price that is a result of housing mix and underlying placing. So a very positive year for private housing. Affordable housing continues to be a really positive story for the group with increased revenue, increased completions, increased average selling price, and again, robust gross margin. We continue to sign contracts based on shorter time periods. That gives us much more certainty over the costs. Given we have still got a housing emergency in Scotland, we see real opportunity in this sector going forward. Just to finish with land sales, the prior year benefited from a significant one-off land sale that Innes talked about. Worth noting also the land sales in the current year, again, were at 1.2x the book value, so demonstrating the significant value of our land bank and the strength of our land bank. To the next slide. You can see that revenue was GBP 244 million versus GBP 280 million. The GBP 280 million, as we said, benefited from the one-off land sales. Again, that evidences how strong the performance has been from private and affordable. Gross margin 16.4% versus the prior year 18.6%. However, if you remove the land sales in both years, the margin would have been 15.8% in 2026 versus 14.6% in 2025. Administrative expenses have reduced by 8%, from GBP 27.6 million- GBP 25.4 million. Again, a measure of our ongoing cost control and efficiency savings. Profit before tax and exceptional items, which is one of our key metrics, was GBP 13 million versus GBP 20 million in the prior year. Again, if you removed the one-off land sales last year, the profit this year would have been ahead. As highlighted at the start, we are really, really chuffed to have ended with positive cash in the bank at 31 May 2026 versus the prior year where we had GBP 21 million of debt. Again, to finish the slide, really pleased to have increased the dividend again from two pence to three pence. Next slide. This is the usual slide that maps us going from the bank debt position of GBP 21 million at May 2025 to the positive cash of May 2026. As Innes said, we put a strategy in place a couple of years ago and it is really pleasing to see that that has been delivered successfully. The main movements over the 12 months, we have got GBP 20 million of cash coming in from land sales, alongside GBP 18 million of operating profit. In terms of outflows, we have invested GBP 11 million in new land purchases and we have also spent GBP 8 million on tax and bank interest. Worth highlighting that we had a year where we have finished with cash ahead of the external projections in the market. The next slide. The key thing here is that we continue to grow our net assets. Our net assets at May 2026 were GBP 179 million. The fact that we have ended our year with cash has allowed us, as planned, to reduce our bank facilities from GBP 80 million- GBP 50 million. As Innes mentioned, we had a final deferred consideration payment to make to Mactaggart & Mickel that was sitting on the balance sheet at May 2026 at GBP 21 million. Repaying that again strengthens our balance sheet as we move forward. Next slide. This is another really key positive metric. You see the significant growth in net asset value from GBP 57 million on listing to today's GBP 179 million. In that period, we have paid dividends of GBP 26 million, and we have got a compound share growth rate of 16%. Really pleasing set of results this year. As in other years, we have got very strong land banks, some 7,000 plots owned and contracted, and we also have about 6,000, 7,000 coming through the latest local plans that are being approved over the next two to three years. The strengthening of the balance sheet, I guess one thing to touch on, has enabled us to complete the land sale program. Where we were probably looking at winding down a bit in central belt and only having two or three sites, we actually have some sites that we are now going to develop ourselves as opposed to sell. The reason we are doing that is because it makes more efficient use of the overheads. We make more profit from the sites. We have got the cash to do this. It also retains staff, which can also help us out with some of the projects in the north. There is going to be a shortage of labor in the north with all of the work that is going on there, so retaining architects and engineers, et cetera, is a very good thing. Moving on. Capitalizing on the opportunities in the north. Today, we expect to sign the first main works agreement. It has been a long time coming. We obviously had the initial work signed for the 300 houses. That has allowed us to put a lot of the infrastructure, a lot of the groundworks, and get started on the six or seven sites. Now we will have a main works agreement signed today, which means that the houses which are now ready in one of our sites, some 39 houses, they have already got furniture in them. They are all kitted out. They are ready to move in. That will be signed imminently, and obviously we will make a further announcement when that gets signed. That will be some further good news. The actual project that we are looking at, if you can look at the next slide. What we basically do is we basically identified six sites which were not in our current program. We had planning. We owned the sites. We then basically sign a contract. We get an initial works agreement, where we will get 5% of the gross development value up front, and it pays for all the infrastructure and stuff to get started. We will then sign a main works contract once we hand over the houses, and at that point, we pretty much get the construction costs all paid for. Over the next four years, we get a rental for 48 months, and that covers our service costs, and obviously we will make a profit on that throughout those years. At the end of the period, two things happen. Half of the houses go back to the council for guaranteed, I think it is about GBP 120,000 a house. Obviously, the rentals have been, the costs that have come up front cover the discount that we have to offer there. We have half of the homes left that we can sell, rent on, deal with as we please. They are largely paid for, so there is going to be a huge cash generation at that point if we decide to sell. There is also, I should say, an option for the providers to extend the lease by 18 months, which we would obviously be more than happy to do because it continues the profits for a further 18 months. The actual projects, for those that do not know, the opportunities, if you go back to the previous slide, number 12. The opportunities, as you can see, the U.K. currently uses some 50 GW of power at its peak, and that is estimated to go up to 100 GW over the next 10 years. We need more power. Scotland has excellent wind because of the consistency, because of the depth of the ocean, and that wind basically needs to get shipped all across the U.K. Some 97% of Scotland's energy currently comes from renewable, and it is 50% in England. If you think England market is probably going to be 10 times the size of Scotland, there is obviously huge requirement for more energy. The more energy is required because we have electric cars, because we have air source heat pumps, because in data centers, all various things mean we need more power, and we need to be able to transmit that power. Because it is happening in the north, all of the pylons need to be kind of upsized. The substations need to be upgraded. It is significant amounts of work. SSEN alone are spending GBP 20 billion on upgrading the network. You throw in hydro schemes and various other projects and offshore wind and also the freeports. Do not forget the freeports. There are four freeports there with significant investment going in there. A lot of jobs being created. We have seen a very strong market on the private side. Obviously this will be a kind of anti-cyclical area of economic growth for the next foreseeable future. Moving forward to the next slide. The next one. Private housing. We offer energy efficient timber kit houses, air source heat pumps, so very energy efficient houses. Customers get to choose their paint colors. They get to choose their kitchens, all of the things that separate us from our competition. We do have a higher average sales price, as we will see further on, than the Scotland average. It is higher spec houses, slightly larger houses. Some 1,200 sq ft for a four bed, which is slightly larger than some of the competition. We are pleased to announce that we increased our revenue this year, and we have seen a strong market in the north. It has been flat rest of Scotland, just in line with the other house builders. Because we have got the strength in the north, then that is obviously given us good results. Customer satisfaction, we are delighted to see that go up to 97%. That has gone from 93% four years ago, up to 97% now. So very pleased to see that our hard work is ending up with an excellent product. Moving on to affordable housing. Again, this has been a core part of our business for many years. Slightly different model in Scotland than England. Scottish Government committed to building 110,000 houses over 10 years. We are about halfway through that, and we are behind on the houses at the moment. But the government have announced, which was just recently voted in this year, GBP 4.9 billion over four years to increase the housing delivery and a record level of annual investment of almost GBP 1 billion this year. Strong fundamentals. Next slide. Strong fundamentals in the Scottish housing market. Bottom right there, you can see the earnings to house price, and you can see Scotland on the far right. There is a lot more affordability in Scotland, around about four to five times, whereas in England it is between five, six, seven. So obviously, there is some direction that the house price could go. Average price down the bottom left there, as I said, we are 348 against an average of 196. The annual growth in Scotland has been 4.4%, so house price inflation is slightly higher than England, which is kind of covering the cost price inflation we are seeing, which has not been anywhere near as bad as we kind of expected with all of the stuff that is going on with the war, et cetera. So yeah, we have been covering that. The North of Scotland dynamic, I have mentioned some 10.5 million beds are going to be required through to 2040. So that means more beds, and effectively means more houses are required. The other thing, just as a final one, is we saw the government reduce the rent cap or remove the rent cap, which was a spectacular failure, to be quite honest, largely predicted by all. But we have been speaking to the likes of Octopus, Phoenix, Standard Life, all of these Legal & General, all these guys are coming back and looking at things, and we have been speaking to one of them about potential ETH House Project in the North of Scotland. So that looks quite exciting as we get back into the build-to-rent market. Commitment to environment and people. It is really important to us, especially with the North, that we continue with our apprentice programs. To the right there, you can see young Dean Murdoch, he won the Apprentice of the Year in Scotland, so a fantastic achievement. But we have got lots and lots of good apprentices, and Dean is just one of many who probably could have won that award. So it is important to invest in your people, it is important to have motivated staff, and it is important that we retain them. We are slightly different to other housebuilders. We have plumbers, we have scaffolders, brickies, joiners, all of these guys are on the books. We stay away from the pure subby model in the north because retaining staff is easier if you employ them as opposed to subbies where they can come and go. Regarding the environment, I have mentioned it is really important for us that we build efficient houses, that we build good communities because it all adds to the sales. I actually see these things as helping our sales, building an efficient house, building a good community, making sure you get on with your local community. All of these things are very positive things for our sales. In conclusion, we have executed our strategy. We are obviously taking advantage of all of the opportunities we can in the North of Scotland. We have strengthened our balance sheet. We have grown the housebuilding, both in the private and affordable, and we are looking at PRS. Our land bank is still of high quality and we are looking at improving that over the next two to three years as the latest local plan goes through. All of this is delivering shareholder value, so we are able to increase the dividend and we are able to commence a share buyback program because we believe the shares are currently undervalued. I would like to thank you and I would like to open up for questions now. Right. Thank you for running through that presentation. I will move on to Q&A now. We have got quite a number that are coming in. If we look at the land bank and strategy. You completed the land disposal program and decided to develop your remaining Central Scotland landholdings. How should investors think about land sales and land investment going forward across both central and the North of Scotland? Two, three years ago, we kind of decided that what was important for Springfield to do was to be a profitable company. Whereas we do have a strategy and we have said we have stopped selling land, obviously if someone comes up with a silly offer for a bit of land, then we will consider it and if it represents good value, then we may well do it. We will concentrate. We have got a number certainly on the land buying side, which is important. We are going through local plans. All of Scotland is pretty much going through local plan approval over the next two to three years, and we have got significant landholdings that we are representing in the North of Scotland. Our focus is on them. There are two sites which we are working with The Highland Council on, which are called Masterplan Consent Area Sites. These are sites that fall out with the local plan but can be promoted by the council. We see it as very important that we continue to grow our land bank. Just this week, we have actually bought two pieces of land. Sandy has been busy. Sandy, unfortunately not down in London. He is staying this week and he has bought two pieces of land while I have been away. We are very much wanting to use our cash to continue to grow the company and to continue to give us opportunities going forward. Great. While we are on the subject, can you maybe talk a little bit around planning permission and has that improved? I know it is probably quite different given The Highland Council and the Masterplan, but could you run people through that, please? Yeah, I think Sandy touches on it in the annual report. We are fortunate, we have got a good land bank with a lot of it with planning, but planning is absolutely hopeless. The governments keep introducing new regulations and new rules and it makes it really difficult. On one side, that creates a lot of value in our land bank, but on the other side, it makes it difficult getting stuff through. That is why our relationships with landholders in the north and our long-term deals and our identifying of good sites and our knowledge of the area is going to prove very important over the next two to three years. But it is extremely difficult to get planning. We have a housing emergency in Scotland since 2024 and there is going to be a housing task agency. I forget what the title is, but it is going to be set up middle of next year. In that time, we have had two prime ministers. That is them setting up a committee to look at housing. Yeah, I think we need to focus on what we are good at and get on with it and do it in spite of government, not with the help of government is my own opinion. Thank you. Just for our viewers that are maybe less familiar with the region, can you give us a sense of what is actually happening on the ground up in the North of Scotland in terms of infrastructure, activity, housing demand, and accommodation requirements and what it looks like at the minute? Yeah. The transient workforce is already there. All of the project managers from Balfour Beatty, from BAM Nuttall, Murphy, for SSE. A lot of the kind of infrastructure, the planning and those guys are up there. If you look for hotel rooms, they are up at GBP 400 a night through the summer when you are looking for them, which is really expensive, like a Holiday Inn or one of those kind of hotels, and that is extremely expensive. There are no properties for rent because there are not enough beds. The local government is looking at doing short-term let regulations. That is just shifting the deckchairs on the Titanic, so to speak. It is not creating more beds. It is just shuffling the beds you have got. Yeah, so there is a huge shortage. The SSEN predict 5,000 transient workers will be going up. Freeport is predicting some 10,000- 12,000 workers over the next 5- 10 years. Those freeports are Ardersier, Nigg, Cromarty and Inverness. I have mentioned it before, the significant amounts of investment. Sumitomo are just opening up a cable factory over the next year, GBP 350 million worth of investment. Lots of jobs getting created. We were unfortunate that the Labour government decided that the GBP 1.5 billion Mingyang Investment was a security risk. I am not sure what security risk a wind turbine is. All the electronics were going to be made in the U.K., so there seems to be a very strange decision. John Swinney is questioning that decision, as are many people saying, w hy was that made? Maybe with Ex Starmer, who knows, maybe we get a different decision. But they have signed a memorandum of understanding with another Chinese organization. We are hopeful to see some activity and increase in activity at Ardersier soon. All of that creates jobs and all of that creates economic growth. That is going to put demand on the workforce, but what it does is push wages up, which effectively eventually ends up with house prices going up. So there is a lot of activity. The planning permissions for the substation and the pylons, as usual, everything is getting held up, everything is getting delayed. That is not necessarily a bad thing for us because it gives us plenty time then to build the houses and make sure that it is not everything at once. So a bit of controlled delay is maybe not a bad thing. But you came up to see us recently and you have seen the level of investment. The amount of, y ou just need to look at the amount of these vans that are driving around with Balfour Beatty and BAM Nuttall on it. Our car park in Elgin's half full of these vans. They are here, and there is a lot of economic activity going on. Great. Thank you. While we're on the subject, are you starting to see an uplift in the house prices in the North of Scotland? How does that compare with the rest of the country? I know you touched on it briefly. Could you go into a little bit more detail on that? Iain, do you want to? Yeah, I think the North of Scotland is performing really well. If we look at the post-year-end house sales, that region has definitely seen an impact from what Innes has talked about. There's no doubt that we're seeing better sales rates. I think that there's an inevitability that the prices will start to increase. We talked about the affordability in Scotland and the metrics around that. It definitely helps. I think in the rest of our sites in Central Scotland, they're steady. We've still got lots of very good sites. We're certainly seeing good activity. We just have to keep working hard. But the North of Scotland is definitely benefiting at the moment from what's going on. Great. Thank you and w hile we're on the North of Scotland, as activity accelerates in the North of Scotland, do you have sufficient operational capacity and supply chain resource to meet that demand? Or will you need to put in additional investment? Oh, it's undoubtedly we're going to need additional investment to open up sites. We're going to need to continue training people. One of the advantages we have, and we've got two or three people I can think of immediately in the central belt that are now working for the North of Scotland. That's actually given us a resource. You don't necessarily need to be located in the North of Scotland. Things like engineering and architects and planning can be done remotely. So that is something that gives us a bit of extra capacity. But yeah, there's going to be pressure on labor without a shadow of a doubt. When a gold rush happens, then people become really important. Yes, I can see a lot of influx, not just on the people working on the infrastructure, but also looking at working for us and looking at working in other areas. If people move up here, we're going to need more teachers, we need more post people, more Tesco workers, et cetera. So there really is a lot of people are going to be required, and I've no doubt that'll become a pressure point, but that's where us employing our own joiners, plumbers, electricians, the scaffolders, is really important, so- And if we look at the build and lease, do you have or are you planning on having a dedicated team in place to manage those properties leased? Yeah. We will have a factor company that will look after the cleaning and replacement of things, and there is an emergency line that the customers, the tenants will be able to phone to resolve things. When it comes to the ground maintenance, equally that will be subcontracted out. We are not looking at doing all of that ourselves. That will be farmed out. We are also looking just in addition to that, we are going to look at building some 40 houses per year, speculative kind of flats, speculative. We think they will be snapped up by our existing people. But if not, then it is there for other organizations and businesses to do commercial rents from us on that. If there is not an interest in that, we just sell them. So there is no real risk to that. We see that as a potential for increasing this because what the rental properties do is give us an annuity going forward that we have got constant income, constant profits. We see that as a very sensible business model, albeit slightly different to the other house builders. Although Berkeley are looking at doing a similar thing. Some are going this direction. But yes, it means we are, you cannot really cookie cutter us just with the rest of the volume house builders. But to us, it is more about having a really good balance sheet and having good profits, and that is what is most important. That is, I am sure there are investors out there who will like that. Great. While we are touching on the subject, what activity are you seeing from other house builders in the North of Scotland? Are you seeing much? I know that is kind of your stomping ground, is not it? You have got a good land bank up there. What else are you seeing? Yeah. The only housebuilder that most of the people on here would recognize is probably Barratt and Taylor Wimpey, Persimmon, Cala, Bellway. None of those guys go North of Perth, to be honest. So we've kind of got a run of it there. There are some local housebuilders that we compete with and there's plenty for everyone. But we've certainly got our fair share of it, and long may that continue. And presumably, there'll be further conversations with other infrastructure providers about the build-and-lease model. Yeah. So we've been speaking to companies that are doing the hydro schemes. We're putting our name out with some of the factories that are getting put up. So yes, there will be opportunities and I mentioned the PRS, they're specifically behind building those 80 for this reason that they see there's going to be a market of, that's going to be individual renters. Now, we don't want to go down the individual renters route. We want to go the commercial route. It's safer, it gives us a more guaranteed occupancy and just a little less hassle and a little less work required. Great. And you've done a lot of talking, Innes, so maybe a question for Iain on capital allocation. With the balance sheet now significantly strengthened, what do you think about capital allocation priorities between growth investment, shareholders' return, and acquisitions? Because obviously that has been part of what Springfield have done historically. What are your thoughts on that now? Yeah, I think all of those aspects are important, really, too. If we start with the existing business. Over the next two or three years, we're starting a number of new sites in the North of Scotland. We're starting new sites in Central Scotland. As Innes talked about, we've got strategic land that is going through the local plan in the north, and we're going to be acquiring a lot of that land over the next three years. So we've got significant investment levels and external forecasts for land purchases. That's what will fuel our business going forward. That's what will drive the increase in our profits over the coming two or three years that are out there in the market. Absolutely, we see the importance of returns to shareholders. So again, we've increased the dividend last year, we've increased the dividend this year. If you look at the external market forecasts, again, we see increases in the dividend return to shareholders over the next three years. We've introduced a buyback program. So we're really looking to do all these things. We want to fund the long-term growth of the business through acquiring the high-quality land that we see in the north. We want to continue increasing the dividend. We see that as really important, and we'll execute on a buyback program. Acquisitions, again, we're a group that is very nimble. If we see an opportunity that we think we can make work, we would go for it. As I say, there's not that many opportunities out there in Scotland at the moment. But again, we'll look at anything that we think can add to the return that we can make for the business and for shareholders. So we've got a clear plan over the next three years, and it's about just delivering on that plan as we have done in recent years. Great. Thank you. You touched briefly on it. Cash generation has obviously been a standout feature over recent years. How should investors think about cash generation and working capital dynamics as the build-and-lease model scales up? Yeah. I think the beauty of the build-and-lease model is that we do, on the handover of the homes, get this significant payment to cover our construction costs. That is great for us because it means that we have a period to fund the working capital, six to nine months. But as soon as we hand over those homes, we get a lot of that money reimbursed. So if you look at our forecasts over the next two or three years for the Equity Development note, there is a bit of debt over the next two or three years. That is for good reason. That is because we are increasing the profits, we are increasing the assets on the balance sheet. Yeah, that is a positive. The other thing, the beauty of the build-to-lease model is these are properties that we own and will be on our balance sheet for the next four to five years. Come the end of that lease term, there is a significant amount of cash we can cash in on from sales of the homes to the councils that Innes talked about and the remaining homes selling in the private market. So whilst we are going through a period over the next two to three years of investing heavily, we have got this big asset on our balance sheet to cash in for the future. Great, thank you. While we are on financials. Gross margins improved in private and affordable in full year 2026. What is the outlook for the current year? Yeah. So again, if you look at the external, the note that Equity Development put out, again, we see an increase in the margin in the coming year for 2027. Part of that is driven by the introduction of the rental model. Again, if you look out the next couple of years, that is helping increase the profits. So we have had a really good year on private and affordable in terms of the sites we have had and the margins we have been able to generate. Yeah, we see that continuing over the coming years. We have got some great sites coming through in the North and in the central belt. As I say, the SSEN model further helps increase our margin over the coming years. Great, thanks. While we are talking about affordable, are contracts being structured slightly differently than they were a few years ago? Yeah. Just in terms of the cost inflation. Yeah, absolutely. If you trail back to 2020, 2021, we had signed some long-term contracts for two or three years for 120 homes. We have dialed away from that over recent years, and we have successfully returned our margins to 14%, 15%. A function of that has been, instead of signing a contract for 120 homes, we will sign one for 40 homes, then another 40, and another 40. What that does is it allows us to get much more certainty over our costs. If we have got 12- 18 months delivery program for affordable, we can get a lot of those costs with subcontractors and materials largely fixed. So that has been another learning for us and something that we will take forward, and it is something that we continue to apply to contracts today very much on a shorter term basis, so that we have got much more certainty around our margin. Great, thank you. We have got a question here. I suspect I know the answer to it already, but I will put it to you. Last year, the strategic focus moved from central to North of Scotland. I was surprised to see you are considering buying land in Central Scotland again. Is this due to the opportunity in the north being slower than expected? No. The opportunity in the north is still the opportunity in the north. What we have in central is we have a number of sites that we still own, and we are going to be working those out as opposed to selling them, and that will keep us going for certainly three to four, or five years maybe. What we are saying is that if opportunities come up in central, we can look at those and consider those, because we are in a position, we have cash in the bank now that we have a workforce there, we have an overhead that is making a good return. Maybe it is a GBP 50 million business, but absolutely not the former. Nothing to do with the north. It is just there is an opportunity in central and we can take advantage of it. Great, thank you. On the long-term sustainability of the build-and-lease model, how do you assess the risk that once the major infrastructure and energy projects in the North of Scotland are completed, a significant proportion of the workers driving housing demand could leave the region? Yeah. So my experience is, I am from Moray where we had two RAF bases and my dad was in the RAF there, is that when people come up to the North of Scotland, they tend to settle and they will buy a three, four-bed house. Then the relocation down south, you are paying 50% more, 75% more for the same house. So people tend to stay there. Now, how long are we going to be upgrading the infrastructure? Well, there is a five, 10, 15, 20 year program. There is a decommissioning that is still got to happen, which the freeports could also be involved in. So I think you are looking at economic growth of certainly the infrastructure has got a 10-year program. The original ASTI Project we are looking at is a five-year program, but we are aware that there is going to be an ASTI 2 and there is going to be an ASTI 3. ASTI, that is. So I tend not to look too much further than 10 years out. Nothing to do with being 56 but, if I can give 10 years of very good growth, then that is pretty much a good thing for me. How will the rental revenue stream vary with the wider lettings market rates during the fixed rental period that you have? Yeah. I think it is slightly different, our model, to a normal sort of rental model because of the fact that we are giving the homes to the councils at the end. So that means as outlined at the start, the rental is going to be higher to compensate for that discount. So our model is slightly different compared to a normal model. It should not be considered rent. It is more like serviced apartments. It is more like when the energy providers are comparing our costs to other things. They are comparing it to hotels or comparing it to workers camp. A workers camp is stuff like GBP 200 a man a night. A hotel, I said the figures that it could be. So what you are doing is comparing, they are getting value for money compared to that. It is not just a rental of flats, and the rents do not go up and down over four years. It is set at the start and it is maybe inflation linked, but we know with a lot of certainty what the rentals are going to be for the four-year period and hopefully 18 months on. Great, thank you. One final question. You touched on the PRS market becoming, or certainly people are starting to talk to you again. What has changed? What do you see as the biggest opportunities for Springfield? Well, the government took away the rent cap. The rent cap was, rent freeze was spectacularly unsuccessful because people just stopped investing in properties. If you cannot get an increase in your return, nobody is going to build properties for rental. That is exactly what happened. The government has now put through a new bill and the rent cap has been removed. They could declare, I think it is a rent cap area and it is capped to 6% or CPI +1%. But there is various vetoes or I forget the right word. But if you are a PRS provider of significance, then there is certain rules that do not apply to you. So they have made it very much easier for them to invest. They are looking at investing again and the fact that one of them is looking at the north and can see the opportunities with all of the work coming is a good thing. Again, because we have got the land and we have got some big long-term sites, then we can actually do some for them and we are not really affecting either of our markets. That could be a very good thing. Right. Well, thank you very much for your time. A very comprehensive run through and some good questions there. So very much appreciated and we look forward to catching up with you at your interims in February next year. I am sure you will have plenty to tell us then as well. To our viewers, can I just remind you there will be a survey at the end. So if you can just wait for that to pop up onto your screen and answer those questions, it would be very much appreciated. Yeah, I would just like to thank everyone that has watched this and does invest in us. We really do appreciate and hopefully this has given you a good picture of what we are about. Thank you. Thanks very much.